If you want to give users the ability to post youtube videos or other flash links, rather than allowing the embed tag you can use some .js to pull it in. This is a much nicer and more compliant way of doing it, and allows you to also have a no-flash and no-js fallback.
Grab the SWFObject code from here:
http://blog.deconcept.com/swfobject/ and then put it in your template's /js folder.
Make sure you call the js from the header of your template.
Here is the code I am using to pull in the flash, using an extra field:
Code:
{if $Enable_Extra_Field_1 eq 1}{if $link_field1 neq ""}
<!-- this is the youtube embedded file -->
<div id="flashcontent-{$link_shakebox_index}">
This text is replaced by the Flash movie.
</div>
<script type="text/javascript">
var so = new SWFObject("{$link_field1}", "mymovie", "425", "350", "7", "#FFFFFF");
so.write("flashcontent-{$link_shakebox_index}");
</script>
{/if}{/if}
As you can see it just takes the extra field, and wraps some js around it. Look in your link_summary.tpl file for the first line to find where to insert the code.
This will only work if the correct part of the provided embed code is used, eg
Code:
http://www.youtube.com/v/FmSIsKckAzE
Ideally I'd like to write a php function that takes the full embed code and strips out the required stuff, just to make it easier on users.