YouTube has its own search system but it takes a while for it to display the results given that it has to load all those additional images and display the results in a specific view. It's not abnormal to take a little longer to show the video search results, if you take into account that for each video loads ratings, views, duration, when it was loaded and so on. However, someone used the YouTube APIs and Tools to create an external YouTube Fast Search plugin that allows you to search for YouTube videos using AJAX environment with a drag and drop player - as normal this loads faster because it's the stripped down video with no comments/ratings/views.
An even better thing is that if you own a website/blog and want to add a way to search for YouTube videos (for things like, I don't know, Tricia Walsh Smith YouTube Divorce video) without having the user leaving your site, you can use their plugin (the videos are played externally though).
Once the search results are returned, you can click the video thumbnail to play it or drag-and-drop it to the right cell (you can create playlists with the videos too). Nice plug-in overall, though I was a bit confused with the Most Viewed | Most Linked | VideoWall links because I thought that once a search is preformed, if you click the Most Viewed link it will sort those video search results by the number of views - unfortunately it simply returns the list of Most Viewed videos from YouTube.