I have gathered that in order to extend a Drupal Module it needs to expose hooks. But it doesn't look like this module does that, so I assume that I'll create a custom module with this modules code as the basis. I know hacking up an existing module code is not the "Drupal way", and I won't if there is another way. Is there?
Also, if I wanted to add another function to an existing library like this one, is there a method through the Drupal module framework to extend the js file without messing with the libray code?
Edit Title changed to be more general.
I've tried the suggestion by @James Kirby and the field doesn't appear to be included in the markup when I inspect with firebug. Curious, how does the field get included to the slideshow output in your implementation if the fields are normally assigned through the "Views Nivo Slider" format settings? It doesn't look like I can assign divs or classes to the field through it's settings.
Here is what I am trying to achieve if possible. Example
Should I be researching my original approach?