I wanted my members the ability to post their video in their threads and posts so I modified "inner_play.htm" and put in some custom BBcode in vbulletin. You all can do the same if you wish.
1. edit "inner_play.html" inside your template folder.
FIND: <div id="embedVideo">
<!-- show or hide embed-->
<!--[onload;block=div;when [var.show_embed]=1;comm]-->
<b>Embed:</b>
<textarea rows="3" name="embedded" cols="50"><embed src="[var.base_url]/flvplayer.swf" quality="high" width="450" height="367" name="VideoPlayer" type="application/x-shockwave-flash" pluginspage="http://www.macromedia.com/go/getflashplayer" flashvars="file=[var.base_url]/uploads/[var.video_play]&width=450&height=367&overstretch=true&logo=[var.base_url]/image_s/playerlogo.png&link=[var.base_url]&linktarget=_blank&showdigits=false&backcolor=0xFFFFFF" wmode="transparent" border="0"></embed>
</textarea>
</div>
</div>REPLACE with:
<div id="embedVideo">
<!-- show or hide embed-->
<!--[onload;block=div;when [var.show_embed]=1;comm]-->
<p><h3>Embed into "YOURSITE":<input type="text" name="url0" style="width:250px" value="[var.video_play]" /></h3></p>
<b>Embed:</b>
<textarea rows="3" name="embedded" cols="50"><embed src="[var.base_url]/flvplayer.swf" quality="high" width="450" height="367" name="VideoPlayer" type="application/x-shockwave-flash" pluginspage="http://www.macromedia.com/go/getflashplayer" flashvars="file=[var.base_url]/uploads/[var.video_play]&width=450&height=367&overstretch=true&logo=[var.base_url]/image_s/playerlogo.png&link=[var.base_url]&linktarget=_blank&showdigits=false&backcolor=0xFFFFFF" wmode="transparent" border="0"></embed>
</textarea>
</div>
</div>
SAVE AND UPLOAD
2. Login to vBulletin AdminCP
3. Scroll down to BB Code Manager and select "Add New BB Code"
TITLE: Insert Video
TAG: video
REPLACEMENT: <embed src="http://www.yoursite.com/flvplayer.swf" quality="high" width="450" height="367" name="VideoPlayer" type="application/x-shockwave-flash" pluginspage="http://www.macromedia.com/go/getflashplayer" flashvars="file=http://www.yoursite.com/uploads/{param}&width=450&height=367&overstretch=true&logo=http://dogvideos.globalpaw.com/image_s/playerlogo.png&link=http://www.yoursite.com.com&linktarget=_blank&showdigits=false&backcolor=0xFFFFFF" wmode="transparent" border="0"></embed>
EXAMPLE: [video]intertamovienumber.flv[/video]
DESCRIPTION: Enter whatever you wish.
BUTTOM IMAGE: Add a 16x16 image if you wish
That is it. Pretty simple integration.