Go to
vixy.net : Online FLV Converter : Download online videos direct to PC / iPod / PSP. It's free!
Paste the URL (the thing on the white bar that says http://www.youtube.com/wat_ever_you're_watching)
Choose what format yo want it in.
Wait until it's done converting.
Click Download.
There's your video!!!
NOTE:
You DO NOT NEED A NEW ACCOUNT OR ANYTHING> IT"S FREE AND VIRUS FREE I PROMISE.
If I were you, I would download the vixy converter beta (download from the vixy.net page) because it downloads DIRECTLY to your computer!!!
You can watch the videoon: Windows Media Player, Apple Mac, PSP's, iPods, and other video players!!!