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youtube style videos

Red Squirrel

No Lifer
This is probably the million dollar question, but is it easily possible, with free software, to make a simple youtube like video to embed and host on my own site? Basically what I'm mostly looking for is the web based flash player and the encoder (to run offline). Is this easily doable? I know you can do it in flash, but just wondering if there are other ways. When I tried in flash mx it just took a while (hours) and the quality was horrible.

When I post a video online like on my blog or something I just want to make it an embed rather then link to a .avi file. Sure I can post on youtube then embed but it's always good to have a copy that I have full control over and it wont just get pulled off for having a sound that happens to be copyrighted or something stupid like that.
 
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