I have added a slight mod that allows you to post any YouTube videos you would like in a post. You should notice the 'YouTube' button on the far right with all the other buttons when you are posting.
Click, and [YouTube][/YouTube] will appear. Put the FULL url of the video in between the [YouTube] boxes:
[You Tube] http://www.youtube.com/watch?v=y2UWxImpUJU [/You Tube]
It should embed the video nicely.