I want to access a youtube video and play using my own media player. I am able to get the video properties (title, url etc..) using the youtube data API. Can I get access to
You can't. Look here for further reading on what the API could handle:
YoutubeAPI
If you could get an InputStream on that, Google won't get any money for advertisement at all.
But you could parse the page of the video-url you got from the API and look for the real video-link inside the flash tags.