$("object").each(function() {
    if ($(this).find("param[value^='http://www.youtube.com']").length > 0) {
        var parent = $(this).parent();
        var youtubeCode = parent.html();
        var params = "";
        if (youtubeCode.toLowerCase().indexOf("<param") == -1) {
            $("param", this).each(function() {
                params += $(this).get(0).outerHTML;
            });
        }
        var oldOpts = /rel=0/g;
        var newOpts = "rel=0&amp;hd=1&amp;color1=0xFFFFFF&amp;color2=0xFFFFFF";
        youtubeCode = youtubeCode.replace(oldOpts, newOpts);
        if (params != "") {
            params = params.replace(oldOpts, newOpts);
            youtubeCode = youtubeCode.replace(/<embed/i, params + "<embed");
        }
        parent.html(youtubeCode);
    }
});