YouTube lightbox for HD playback?

So I’m using a YouTube plugin (Artiss), and have a site with one YouTube video per post. The site’s maximum width is 1000 pixels, so the YouTube embed on each post is 640×385.

What would be amazing is if the viewer could click the video to pop up a 1280×745 player in a lightbox to show the video at its native 720p.

Is this possible, and if so how?