I finally had some time to update this for the forum.
I actually got rid of the old video system and made it more of an automatic process. Now all you have to do is post the link to the video in your thread and it will automatically turn it into a video preview that be viewed without leaving the board. For example if I wanted you guys to see this video of Arnold I would simply paste the url below:
This should work for all videos from YouTube, Myspacetv, Google Video, Bolt, iFilm, Yahoo, Dailymotion, Amazon and MetaCafe. If we need to support other sites in the future we can add on to the list.