Import Video from URL for vShare 2.1 Release: 20070625
http://forums.buyscripts.in/viewtopic.php?t=707

You can only use this if you are using vShare release: 20070625, if you are using older version, it can break your site, so first upgrade to latest release.

You need to upgrade to vShare 2.1 Release: 20070625 before using Import Video feature.