Yes there is an option in fireboard (well current version, not sure which one we're currently using) to embed YouTube videos, but I'd like to appeal to the admins *not* to turn it on, as it kills any thread if your on a low speed / bandwidth connection.
Edit: Also the big thing YouTube seams to be used for is posting links to anime episodes (like the like you posted to the Penguin thing) which are basically pirated content, and against the forums rules.