If you want to add a 3rd party streaming video like YouTube into your Drupal. You need the Embedded Media Field module and and the Media: YouTube module.
After installation, you could now added a Embedded Media Field to a content type.
Configure the new Embedded Media Field and select the Supported Providers. You can add more providers like MegaVideo by downloading the corresponding media modules. Check them out at Drupal Module – Embedded Media Field
Create the content and see what you get.
Done =)
Reference:
Eureka! 