IMHO, create a YouTube account, upload to YouTube then embed on your website.
As long as you are the copyright holder then you will have no problems.
If you have video that needs editing and compressing, you can find plenty of programs that are free and every bit as good as the so called professional services.
Search for, Virtual Dub and get both Virtual Dub and Virtual Dub MOD and also WinFF. You will need to look around for some free codec's for use with Virtual Dub to access and process your video.
You can compress video in both Virtual Dub / MOD and WinFF in to the format or container format you need (assuming that you have the codecs for virtual Dub) Virtual Dub MOD will access MPeg formats where as Virtual Dub doesn't
When you have rendered your video stream, uploading to YouTube will take a while but then your video will be available in different formats.