We have implemented bbcode to support embedding Youtube video.
To embed Youtube video :
1. Copy the URL of the video from the address bar. The address should look something something like this : http://www.youtube.com/watch?v=o44i_CNAnW8 )
If the address has "&feature=.." e.g. http://www.youtube.com/watch?v=do44i_CNAnW8A&feature=related, exclude the part in red.
2. Click on the 'youtube' format button on the top right of this edit window.
3. Insert the URL in between the [ youtube] and [ /youtube] code
[ youtube ]http://www.youtube.com/watch?v=o44i_CNAnW8[ /youtube ]
and you are done.