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I still don't know about how to do it in VE, as I haven't even enabled the new VE on my wiki yet.
What I did was I went to Special:WikiaVideoAdd, and entered the url of a video hosted on YouTube. Then I went to the page I wanted to put it onto and, in source mode, I typed [[File:Rise and let the link autocomplete itself once enough letters were in. No file extension was needed. The only thing I did after that was move it around on the page and right-align it.