WordPress Plugin : Viper’s Video Quicktags
Viper’s Video Quicktags is a plugin for WordPress that creates various quicktags / WYSIWYG buttons for inserting self-hosted videos (AVI , MPG , FLV , WMV ) as well as website hosted videos (Youtube , Google Video , IFILM ) into our wordpress blog . In WordPress 2.1 you will need to disable the Visual Rich text editor or else the buttons will not be visible .
After uploading and activating the plugin , the write post/page will appear along with the following buttons as shown below
Just click on any button and you will get a window like
Just click Ok and you are done . The only drawback is that you have to disable the Rich text editor for the buttons to appear in WP 2.1 . Hope a new version is released soon .