Update: 19:12:2011
It seems like YouTube is starting to lose interest in the ActionScript 2 API . Some of the videos do not work (the videos that contain ads).
This is a video player based on the YouTube API (ActionScript 2) it’s XML based so you can easily change the videos (you just need to place the YouTube video ID) It’s not a standard FLV player… it works only with YouTube videos 
You can add as many categories you want and as many videos you want in each category through XML .
If you load this player into another swf and then you want to unload it, just initiate (loader movie clip instance name).ytplayer.destroy(); before you unload the loaded swf player.
Enjoy!
Other YouTube API based video players:
XML FLV Players
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