It wont show <embed flashVars="playerVars=videoTitle=Fishing Is Dangerous|showStats=yes|autoPlay=no|blogName=Fishing and Angling|blogURL=http://www.fishing-blog.co.uk/" src="http://www.metacafe.com/fplayer/32460/fishing_is_dangerous.swf" width="400" height="345" wmode="transparent" pluginspage="http://www.macromedia.com/go/getflashplayer" type="application/x-shockwave-flash"></embed><br><font size = 1><a href="http://www.metacafe.com/watch/32460/fishing_is_dangerous/">Fishing Is Dangerous - video powered by Metacafe</a></font> It strips everthing but <font size = 1><a href="http://www.metacafe.com/watch/32460/fishing_is_dangerous/">Fishing Is Dangerous - video powered by Metacafe</a></font>
You should turn off the WYSIWYG. see here http://www.shandyking.com/2006/06/19/embed-youtube-videos-in-wordpress/