Please look at the following examples for how you can embed popup video in your pages.
Please note you need to remove the quotes " from the embed code, or otherwise make the HTML encoded so that it will work within a javascript string.
Find more customisations http://colorpowered.com/colorbox/
<p><a href="javascript:void jQuery.colorbox({html:'embed code here'})">link text or image</a></p>
<p><a href="javascript:void jQuery.colorbox({html:'embed code here'})"><img src="/images/somethumbnail.jpeg" width=150 height=100></a></p>
URL: javascript:void jQuery.colorbox({html:'embed code here',title:'Title of Video'})
<p><a href="javascript:void jQuery.colorbox({html:'<iframe width=420 height=315 src=http://www.youtube.com/embed/eh-0knDpn5g frameborder=0 allowfullscreen></iframe>'})">view popup video</a></p>