If you are using PHP 5, you will be able to download video from youtube and dailymotion.

Go to Admin > Import Video

Then put the video url (same as provided by youtube or dailymotion), for youtube, it should be in the format

http://www.youtube.com/watch?v=6OFLFBK5JrA

Then, if you have cronjob running, vshare will download the file and add it to your site in next 10 minutes. 2 cronjob run is needed for a file download + process.