Download flash web control from
http://www.aspnetflash.com/ .
Just add that in to your tool box by right clicking on tool box items and clicking on choose items. If u have already added the tool then select it else browse for dll file and add that...
Now ur tool box contain flash video control that can play flv or swf files.. jus asign
Flash1.MovieURL = "Path of video file from u tube";//Here flash1 is id of flash control
I have taken a data list which displays name of video, description and link button from database..If i click on see video link that will play video in flash control