This is the advanced example. It uses the jw flv player to create a flash proxy. This basically lets me control the youtube video as if it were a local .f4v file. With this method I can specify any options, autostart, volume, playlists, etc.. But it's rather complex so lets start with 3 other methods to embed YouTube video.
If you want to pre-load .flv / .mp3 files into a visitors browser cache using flash, here's the actionscript I use to do it, and some ideas behind a good javascript implementation using swfobject or ufo.
I used to have a problem of controlling flash elements on my sites.. On one site we have 6 different flash flv movies that are all the same size and are in the same position on the page. But only 1 is displayed at a time based on what the user wants to watch. So the selected flash movie needs to have the highest stacking order/zIndex.