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If you’re using Safari, there’s an easy way to download flash videos. Open the page with the movie and press Command-Option-A, which shows the Activity window. If you’re also loading other sites, you’ll see a list of them: scroll until you find the YouTube page and click on the arrow to show details about what is being loaded.

You will certainly notice an element whose size is over 0.5MB (most of the time, over 5MB). Double-click on it (even if it is still loading), and Safari will download it. When the download is over, navigate to the file in the Finder (which will probably be called get_video) and add the extension .flv to its name.

(source: http://hints.macworld.com/article.php?story=20070420014456930)