If you want to try a different approach, consider this plugin
http://wordpress.org/extend/plugins/vipers-video-quicktags/
“Tired of copying and pasting the embed HTML from sites like YouTube? Then this plugin is for you.
Just simply click one of the new buttons that this plugin adds to the write screen (rich editor included) and then paste the URL that the video is located at into the prompt box — easy as that. You can fully configure how the videos are displayed (width, height, colors, alignment on the page) and much more. Your site will even stay (X)HTML valid unlike with the code provided by most video sites.”
WOW – this sounds great. I’ll give it a whirl. Thanks STVWLF
Installed the Viper plug-in and had high hopes for it, but alas I could not get it to work. So I did a little reading and experimenting and taught myself how to embed video from YouTube or direct from my server. It’s quite simple once I mastered the steps.