This how to guide does not cover making, editing or uploading the video to YouTube.com that is covered at www.google.com/support/youtube
After you have uploaded your video to YouTube.com you will see a link called URL.

Copy the URL to your clip board.
Edit or create your blog/parent profile.

Once you have the cursor where you want the video, select the red YouTube icon from the tool bar.
Paste the URL into the pop-up. It must be in the following format. http://www.youtube.com/watch?v=Crk97pLTFzg and press Insert.
No. Feel free to link to any video you want in your blog.
For example, in your blog you could write about how crazy the world is and use this video as a example.
Yes. If the video is being used as your parent profile.