Easiest way is this,
Take a megavideo embed link (I assume you know what this is), Where the Swf or flash filename is in the megavideo embed, remove that, and input your filename for your swf file (Or youku filename or whatever it may be), and it will work.
This is a bad way of doing it, but basically you need to create the object with the transparent parameter. Its been a long time since i did this, but just using megavideo embed parameters work.