I am not sure what embed code to include in Right Column Content for my own video. If I leave it blank, the default video will be displayed.
To add the video (called Our Latest Project) on home page, you have to just put the YouTube embed code in the 'Right Column Content' Appearance -> Theme options -> Home page 2 cols -> Right Column Content Remember to define the width and height of the video i.e. width="285" height="192". Also sending image for reference. This will solve your issue.
It is not possible to add video directly on the site, You can only add embed code of video to show your video.