If you want to embed this YouTube video on your MySpace page you start by going into your MySpace account. MySpace now allows you to upload videos, but embedding a YouTube video is a separate process all together. At the top, next to My URL, will be a hypertext that says Edit Profile. Select this and then you will be take to a place where you can change your different personal information, such as 'Interests' and 'Who I'd Like to Meet'.
You will then paste the "Embed" text from the YouTube video. Once you end your page edit and look at your MySpace page you will then have that video in that section of your MySpace page. Facebook works a little bit different that MySpace and does not allow you to embed videos in the same way.