That's not the embed code - if you go to youtube you can get the embed code by clicking on "share" and thern "embed" and copy and paste the "iframe" code between the html tags, like the one below:
Setup like this (without gaps):
[html ] <iframe width="420" height="315" src="//www.youtube.com/embed/t44EAsLwGWA" frameborder="0" allowfullscreen></iframe>[/ html]