prettyspecialrecords

Thanks for the code Jamal. It works great! I made a small adjustment to handle multiple videos and to allow the user to choose which video to display. It wraps them in a div so that they can be styled.

/* Add youtube_embed shortcode */
add_shortcode( 'youtube_embed', 'my_youtube_embed_shortcode');

/**
 * New YouTube Embed shortcode.
 *
 * Enables you to insert the New YouTube embed code in a custom
 * field and display it inside your post using the shortcode
 * [youtube_embed]
 * by default it will display all videos added as custom field.
 * The parameter "number" tells it which video to display according to the order it was added to the custom fields.
 * [youtube_embed number="2"] will display only the 2nd "youtube_embed" custom fields.
 */

function my_youtube_embed_shortcode($atts){
	extract( shortcode_atts( array(
		'number' => null,
	), $atts ) );

	global $wp_query;

  // Grab the value of youtube_embed meta key
	$yt_embed = get_post_meta( $wp_query->post->ID, 'youtube_embed', false );

	if ( $yt_embed ) {
		if ($number == null) {
			foreach($yt_embed as $code_string) {
				$embed_code .= '<div class="youtube">' . $code_string . '</div>';
			}
		}
		else {
			$number -= 1;
			$embed_code = $yt_embed[$number];
		}
	}
	return $embed_code;
}