When creating a new post, you should see a new "BBCode" called "YouTube", right next to "Font color". Please see the following screenshot:

Now let me explain how to use it...
First of all when you press the icon for "YouTube" it inserts the following into your posting area:
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[YouTube][/YouTube]
For example, lets say you would like to link to the following YouTube video in your post:
http://www.youtube.com/watch?v=gOwdR4fQTlQ
At the end of the url is the id of the actual video. So using this one as an example again, its everything after the "v=" so: "gOwdR4fQTlQ" is the id of the video.
Now that you have the id of the video, you just need to insert it between the brackets of the YouTube bbcode, and thats how you add the YouTube video to your post.
Here is what it will look like when making the post:
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[YouTube]gOwdR4fQTlQ[/YouTube]
I hope that helps and you find this mod usefull.