Embedding Media

Allowing users to share media by embedding it - rather than having to upload media seems to be a necessity for almost every network...

Is there an easy way to allow users to do this? and/or at least an easy method to add media to a profile as the admin?

The video and audio field both support linking to media items instead of uploading. CB Gallery supports linking and uploading. You can also use a textarea editor fieldtype and whitelist "embed object video audio" elements within CB > Configuration > User Profile to allow them to embed them directly.