I had setup the code to embed YouTube videos in posts a while ago, but I finally added an clickable icon to make it easier. If anyone wants to do it, here's how:
First, get the YouTube video ID, it's the info that follows the "=" in the URL of the video on YouTube. See image below. Highlight that info and click copy.
Next, to add the video to a post, click on the 'video' icon. See image below.
Finally, with your cursor between the YouTube BB tags, right click and paste the YouTube ID. That's it. Done.