WordPress Edublogs allows you to quickly embed videos, images and other content such as Tweets and Scribd into a post or page using their URL.
Websites that you can embed using their URL include blip.tv, DailyMotion, Flickr (videos and images), Photobucket, Qik, Scribd, Twitter, Viddler, Vimeo, YouTube (public videos only), WordPress.tv
For direct instruction on how to embed videos go HERE.