BTW, if you guys want a higher quality version of music off you youtube, you can append &fmt=18 to the youtube URL to get the MPEG-4 version of the video. This has decent quality audio (128kbps aac) as opposed to the junk you get from the standard flash videos (mono, crap sample rate). It also has the benefit that you can rip it to a .m4a file for iTunes/your iPod without re-encoding and without loosing any quality.
Basically, download the video as a .mp4, open it up in quicktime pro, extract the audio track, export the audio as MPEG-4 with passthrough set for the audio, and rename the file from .mp4 to .m4a. Then open in iTunes, tag, and you're done. A few extra steps then these all in one solutions, but you get better sound quality without re-encoding.