Is it possible to embed an html5 version of a youtube video without using an iframe?
Yes. Youtube API is the best resource for this.
There are 3 way to embed a video:
tagsDEPRECATEDI think you are looking for the second one of them:
The HTML and JavaScript code below shows a simple example that inserts a YouTube player into the page element that has an id value of ytplayer. The onYouTubePlayerAPIReady() function specified here is called automatically when the IFrame Player API code has loaded. This code does not define any player parameters and also does not define other event handlers.
Here are some instructions where you may take a look when starting using the API.
An embed example without using iframe is to use tag:
(replace yt-video-id with your video id)
JSFIDDLE