I have a slightly different approach to getting audio from a Youtube video that works well for me.
First you need a cord with an input jack at both ends.
Plug one into the microphone jack and one into the headphone jack.
Open your music editing program (I have only ever used Cool Edit Pro) select "new", press record.
Press play on the youtube video. Once the video is finished press stop in Cool Edit.

I use this for songs that I cannot find anywhere else and also for talking or sounds that I want to include in my songs. Last year we did a routine with theme songs from old tv shows and I was able to layer catchphrases and other dialogue from the shows over the music.

I am sorry if you have a problem with this but it has saved my butt numerous times!

Wondering if there is a way to edit out talking?

I understand people taking issue with this - and I for one ALWAYS purchase my music -but there have been a handful of times that the music is absolutely NOT available anywhere except in the music video of the song. The one that comes to mind immediately is the Pussycat Dolls "When I Grow Up" interlude.

Thank you so much for this information, I just used it and it worked great! I'm fairly new to this site and think it's a wealth of information!

I have just recently discovered zamzar, thanks to you guys! It is wonderful!