The same as using the img tags, you can now use "yt" and "/yt" enclosed in []. So, the embed code will look like this
Quote:
<object width="425" height="350"><param name="movie" value="http://www.youtube.com/v/BfowE7qnqlM"></param><param name="wmode" value="transparent"></param><embed src="http://www.youtube.com/v/BfowE7qnqlM" type="application/x-shockwave-flash" wmode="transparent" width="425" height="350"></embed></object>
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All you need from all that to put between yt and /yt (with the brackets remember, like the img tags), is "BfowE7qnqlM"
Here's a sample: