This is a simple YouTube Embed. No need to copy and paste any code, just insert the Video URL and WordPress will do rest. Feel free to embed from other sources like Vimeo, Daily Motion, etc… Should you have an Automatic Video Thumbnail plugin installed, then even the featured image for this posts gets pulled, resized and set up automatically.
Video Source: A Bikini Kinda Life by Billabong embedded from Billabong Womens on YouTube.