I found it.
If anyone is curious on how to edit embedded video URL's without having to submit a new embedded video:
Go to your phpMyAdmin -> Database ->Table: RayVideoFiles
You'll find all of your embedded videos here.. Click on the edit icon for the 1 you want to edit.
Now edit the Video Field TEXT in the Value box. It's at the very bottom of the tables.
You'll see random characters like this in the box: bZBHH8w7aDA which is the specific video identifier located at the very end of the Youtube.com URL. ie. http://www.youtube.com/watch?v=bZBHH8w7aDA
Replace the text in the Value Box with the video you want displayed.