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).
Now you can find in the html code three new variables that will make it easy for you to use this video player
- playlist = the name of your xml playlist
- autoplay = true or false
- random = true or false (in case you want the player to play random videos from the xml playlist)
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 
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.
Other YouTube API based video players:
XML FLV Players
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