[vlc] How do I watch Streaming video?

[look at ebookring.net]

Here's what I want to do;

Watch any video that has a web address- for example, the Youtube video 
at this link;

http://www.youtube.com/watch?v=nEwSp...eature=related

Of course that's not really the video I want but I want to figure out 
how to watch video, streaming, using VLC player.

Using the VLC Media------>"streaming" and entering the http address 
doesn't do anything- no video is streamed.

I'm running Ubuntu 10.04 with VLC media player 1.1.13 The Luggage.



Any ideas from those of you who actually have done this sort of thing?