Sorry we do not plan on having YouTube embed integration any time soon.
If you really want to use CumulusClips manage videos from YouTube, another possibility is for you to write a plugin, but again it will require alot of customization and i don't think it's worth the effort when other CMS's can accommodate that pretty easily.
Now if you don't mind uploading the videos to your server with CumulusClips, then you can use a site like http://saveyoutube.com to save the videos to your computer and then upload them to your CumulusClips site.
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CumulusClips is built from the ground up for uploading, delivering, and owning all content; not sharing it with other services like YouTube.
But to answer your question, yes it's possible, but will require a alot of customization.
Honestly if all you want is to be able to embed YouTube videos onto a page, you're probably better off using a regular CMS like Wordpress or Drupal.
If you really want to use CumulusClips manage videos from YouTube, another possibility is for you to write a plugin, but again it will require alot of customization and i don't think it's worth the effort when other CMS's can accommodate that pretty easily.
Now if you don't mind uploading the videos to your server with CumulusClips, then you can use a site like http://saveyoutube.com to save the videos to your computer and then upload them to your CumulusClips site.