When you want to post a you tube video, all you need is the Video ID, not the whole link
For example, if you have a youtube link as follows:
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http://www.youtube.com/watch?v=Wvrhb1mDkYs
Then use the youtube button in the post window and actually post this:
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[youtube]Wvrhb1mDkYs[/youtube]
Which will produce this: