Thank you eFingerz, what you have mentioned is working for sure but extracting the fla file from the video and uploading it to the server is fine and for sure working without logo but besides of the fact that this is a time/space consuming procedure, it may not be legal because youtube allow you to embed their video as an embedded link or may be downloading it for your personal use only but I am not sure.
I found youtubeflashplayer.com to be really easy and yet fast to play youtube without logo and yet without downloading but unfortunately it does not work anymore ...