The player above can play either youtube URL or FLV or MOV or MP4 videos
In this case, view source you will see the URL to youtube video
so1.addVariable("movieName", "http://www.youtube.com/watch?v=_s0F9pi8Vfo");
The above setting is simple to change. Get rid of the youtube logo and use the FLV Hosting Youtube Player

Click here to see the player with an FLV video inserted

Free Download of Youtube Player here