Youtube Thumbnails Imbalance Theme

I’ve searched and can’t seem to find anything recent that describes my problem, but it seems that this would be a common request. Is there a plugin that will make a mini-player of a youtube video that can be played on the front page of my site WITHIN the front page? Similar to how Bing video search loads and starts video previews on rollover. I’m using the original Imbalance theme. It doesn’t have to be rollover… I really just want the youtube to shrink to my thumbnail size (which is pretty big) and play within the page, or even pop up as a lightbox… without having to click into the post itself.

If someone could guide me in the direction of what kind of coding I would need to be able to do, I’d feel comfortable even writing the function into the theme if I knew where to begin.