So, it seems like almost every thread with a video also includes a request for help embedding. There have been a couple of threads on it (including a very nice tutorial from a few years back, though it is before youtube changed their embedding), but for those who don't want to know or may have forgotten, here is a very quick and dirty refresher course on how to embed.
1.) Find the video on youtube. I just picked a random hype video (HT: bassmaster)
2.) Directly under the video, click "share." This will bring up a URL.
3.) Next to the URL, click "Embed." This will bring up a page with some funky looking stuff (embed code):
<iframe width="560" height="315" src="http://www.youtube.com/embed/GdByr2Uce-Q" frameborder="0" allowfullscreen></iframe>
4.) Under the embed code, there are other options with checkboxes next to them. Click the checkbox that says "Use old embed code." This will bring up a different embed code that is longer:
<object width="560" height="315"><param name="movie" value="http://www.youtube.com/v/GdByr2Uce-Q?version=3&hl=en_US"></param><param name="allowFullScreen" value="true"></param><param name="allowscriptaccess" value="always"></param><embed src="http://www.youtube.com/v/GdByr2Uce-Q?version=3&hl=en_US" type="application/x-shockwave-flash" width="560" height="315" allowscriptaccess="always" allowfullscreen="true"></embed></object>
You can also choose to start from a certain point in the video, such as 30 seconds in if you select that box.
5.) Copy the "old embed code." If you do not use "old embed code," it will not work. (EDIT: Per justingoblue you can use the new embed code in comments, but not in an OP. Thanks for the correction)
6.) Switch to plain text editor in MGoBlog in the comment box/OP where you would like to embed the video.
7.) Paste the embed code into the plain text editor.
8.) When you switch back to Rich Text Editor and there is a box with "FLASH" in the middle in red lettering, you did it right. The video will be there when you save your OP/comment. If it says "IFRAME" you did something wrong. Go back and repeat steps 1-7.
9.) If you do it correctly, it will embed, like so:
Hopefully this will help some of the new users learn to embed. I, or someone smarter than I, can answer any questions you might have in the comments.