Need Some I - Tunes Help Please

OK...I'm a music freak.  I've stated this 1.2 million times it seems.  I used to be a DJ at the number one college radio station in America.  WONC out of Naperville, Illinois.  Check out www.wonc.org.  I have over 1,000 CDs and mixed for a lot of parties.

But times have changed.  I got married.  Have 5 squirrels running around the home and I run an insane business.  Here's the long and short of it. 

 picture from  www.geckoandfly.com/wp-content/uploads/2007/06/itunes7.png

HERE'S MY QUESTION.....SOMEONE HELP THE FACT THAT I'M NOW A NEOPHYTE....

I HAVE A VIDEO THAT I FOUND.  SAY YOUTUBE OR FROM AN ARTIST'S WEBSITE.  IT ALLOWS ME TO COPY THE EMBEDDED LINK.  IS THERE ANY WAY TO IMPORT THAT VIDEO TO I-TUNES?

IF SO......HOW????

THANKS.....TECHNOLOGICALLY  CHALLENGED IN ILLINOIS?