On all UltimateWB software versions you can embed video player code, i.e. from youtube or other sites, or custom video player code, using the Ad(d)s App: https://www.ultimatewb.com/adds-app .
On UltimateWB Full, there is a built-in videos app where members can upload videos to your site: https://www.ultimatewb.com/video-uploads-app . UltimateWB Full also includes lots of other social networking apps, many of which allow uploading videos by members, such as the Listings Directory App, Classifieds App, and Scrapbooks App. Videos uploaded through the built-in apps are automatically converted to mp4 videos by the software, for cross-browser/platform/device compatibility (i.e. the videos will play on smartphones). Supported video formats that the software can convert to mp4 videos are: .mov, .mpeg4, .mpg, .mp4, .avi, .wmv, .flv, .3gp, .3gpp, or .webm.