I just learned this very simple way of adding a video to a post.
Just paste the URL on it’s own line like so:
Check out this cool video: http://www.yuotube.com/watch?v=nTDNLUzjkpg That was a cool video.
WordPress will automatically embed the video when the post is viewed! For more, see Adding Video on WPFolio.
Now, how did I not know this before?