So here is an example of news modification that could be cretaed for ClipShare video share script.

As you can see any HTML is allowed.
It is created with simple HTML tags, however even free TinyMC wysywig editor could be used.

Now look at the left bar. From top you have 3 latest news showing. Number for it can be configurable.
Then below you have news archive links by month and years.

And yes, embed videos are also allowed!
Like the one from GuitarTube



Thanks.