This tutorial shows how to embed and play a YouTube video using the WebBrowser control.
First, modify the video link. Delete the watch? and replace the = with a /

Example
http://www.youtube.com/watch?v=QLQBJugaoog will become http://www.youtube.com/v/QLQBJugaoog

YouTube Parameters are used in this video. A complete list, of parameters and examples, can be found at code.google.com/apis/youtube/player_parameters.html

Code Download
VBT46_1.zip
VBT46_2.zip