Flash and its associated players are all the rage (actually have been for quite some time), except for with the iPad that is. Obviously, you can embed video into your Drupal site in a number of ways.

You can use an external site like YouTube or Blip.tv using the Embedded Media Field Module or you can implement video on your own site using the FLV Media Player Module in conjunction with JW Player.

I've already covered how you can use any of the possible flash players (JW Player or Flowplayer) in this video about SWFTools. So, what was next was Flowplayer and it's here that I've put together a video about using the Flowplayer API Module in conjunction with the respective, and required, Flowplayer flash player and javascript.

Now, you don't have to worry about downloading the Flowplayer Javascript and flash file, those are all included with the Flowplayer API Module. What isn't covered, that I show in the video, is some of the extended coolness you get with things like Flowplayer playlists.

However, if you're seeking to do REALLY cool things with video then Flowplayer API is definitely the way to go. It's going to provide the greatest level of customization (that's customization that YOU'LL have to do), with the lowest amount of overhead, of the other modules I've worked with. You'll have to get into the PHP of your theme to implement, but once you start to learn it, you'll really start to think about radical things like Views based videos series driving Flowplayer to create dynamic playlists and other cool whiz-bang features.

UPDATE: In the video, I mention that Flowplayer is becoming the most popular open source flash player. This is debatable. I should have said it's "my" favorite player. Here are some trends and insights regarding the two most popular players.

Related videos: 

How To: Embedding media using SWF Tools module