1. open browser to youtube web site and search the video you want
2. before you click the video to play, press menu and select 'Go'
3. modify the current URL and insert 'pwn' to 'youtube'
eg. http://m.youtube.com/watch?v=f7-neZSZjM8 ==> http://m.pwnyoutube.com/watch?v=f7-neZSZjM8
4. it would transfer to 'pwnyoutube' website
5. click to 'Download High Quality Video (MP4)'
6. this file is mp4 video format and android allows to play this format
Another way to see youtube in Android, here is a hint from olv's blog. Since he can run a cairo program via frame buffer, i believe we can run a mplayer program via frame buffer too. Therefore, we should be able to run any video formats that mplayer can support. Here is a video 'mplayer on Android' in YouTube.