Hi I have a code which can show youtube videos if there are any links to youtube in the text

like for example the text

example at:- pradyut.dyndns.org

http://www.youtube.com/watch?v=-LiPMxFBLZY testing http://www.youtube.com/watch?v=Q3-l22b_Qg8&feature=related

this text i m forwarding to the function...

   function to_youtubelink(text)
            {
                if ( text.indexOf ('<') > 0 || text.indexOf ('"') > 0 || text.indexOf ('>') > 0 )
                    return text;
                else
                {
                    var obj_text = new Array();
                    var oi = 0;
                    while(text.indexOf('http://') >=0)
                    { //getting the paths
                        var si = text.indexOf('http://');
                        var gr = text.indexOf('\n', si);
                        var sp = text.indexOf(' ', si);
                        var ei;
                        if ( gr > 0 || sp > 0  )
                        {
                            if ( gr >0 && sp > 0 )
                            {
                                if ( gr < sp )
                                {
                                    ei = gr ;
                                }
                                else
                                {
                                    ei = sp ;
                                }
                            }
                            else if ( gr > 0)
                            {
                                ei = gr;
                            }
                            else
                            {
                                ei = sp;
                            }
                        }
                        else
                        {
                            ei = text.length;
                        }
                        var it = text.substring(si,ei);

                        if ( it.indexOf('"') > 0)
                        {
                            it.substring(0, it.indexOf('"') );
                        }

                        if(ei < 0)
                            ei = text.length;
                        else
                            ei = text.indexOf(' ', si) ;

                        obj_text[oi] = it;

                        text = text.replace( it, '[link_service]');
                        oi++;

                    }

                    var ob_text = new Array();
                    var ob =0;
                    for (oi=0; oi<obj_text.length; oi++)
                    {
                        if ( is_youtubelink( obj_text[oi] ) )
                        {
                            ob_text[ob] = to_utubelink(obj_text[oi]);

                            ob++;
                        }
                    }
                    oi = 0;
                    while ( text.indexOf('[link_service]') >=0  )
                    {

                        text = text.replace( '[link_service]', obj_text[oi]);

                        oi ++;
                    }

                    for (ob=0; ob<ob_text.length; ob++)
                    {
                        text = text +"\n\n" + ob_text[ob];
                    }

                    return text;
                }
            }

       function is_youtubelink(text)
            {
                var matches = text.match(/http:\/\/(?:www\.)?youtube.*watch\?v=([a-zA-Z0-9\-_]+)/);
                if (matches) {
                    return true;
                } else {
                    return false;
                }

            }

            function to_utubelink(text)
            {
                var video_id = text.split('v=')[1];
                    var ampersandPosition = video_id.indexOf('&');
                    if(ampersandPosition != -1)
                    {
                        video_id = video_id.substring(0, ampersandPosition);
                    }

                    text = "<iframe title=\"YouTube video player\" class=\"youtube-player\" type=\"text/html\" width=\"425\" height=\"350\" src=\"http://www.youtube.com/embed/" + video_id + "\" frameborder=\"0\"></iframe>"
                    return text;
            }

now i m getting the output properly...

but i was thinking if the code could be done better and simplified using regex

...especially getting the urls part...

thanks