Analog to a "normal" video, a YouTube video will be imported by clicking the "Upload" link.
If the YouTube Import module is installed a "YouTube Import" button appears on top of the form.
Now copy the complete YouTube video URL or just the YouTube ID into the field "YouTube-ID or URL" and click the "Import video" button.
The preview thumbnail of the video will be displayed and title, description and tags are entered into the according form fields. You can edit all fields before submitting the form.