Video Picker provides users with a slick field type for dealing with videos.
A big feature of Video Picker is (shockingly) to be able to pick videos from your connected source. The field comes with an "explorer" for your videos. Select the source you want to browse (assuming you've created the source, and connected it), and you'll see a list of folders and videos to select.
Once selected, you'll see the video as a preview in the field. You can go ahead and render the video.
Of course, you don't have to use the explorer to use videos, you can enter in the direct URL to a video in the field. Video Picker will look up that video, fetch data and save it as a preview in the field. Once that's done, you can go ahead and render the video.
Note that video URLs entered here will only work for sources that are connected and enabled. For example, you can't put the URL of any video provider in, as it has to be with a provider that Video Picker supports (YouTube, Vimeo, etc).