Custom function for embedded objects, eg. youtube videos

Hi,

Is it possible to develop a custom function which could be added to functions.php, automatically wrapping an embedded object (eg. youtube video) in <div> tags?

I have this following code which works on a similar premise, however, it adds <span> tags and styling to all <p>:

add_filter('the_content','hightlight_the_paragraphs');
function hightlight_the_paragraphs($output) {
if(!is_page()) :
$output = str_replace('<p>','<p><span style="background: yellow; padding: 3px;">',$output);
$output = str_replace('</p>','</span></p>',$output);
endif;
return $output;
}

Could something similar be developed which could automatically wrap this code with <div> tags:

<object width="480" height="390"><param name="movie" value="https://www.youtube.com/...example_code...></embed></object>

resulting in:

<div><object width="480" height="390"><param name="movie" value="https://www.youtube.com/...example_code...></embed></object></div>

Any suggestions?

Thank you very much for any help,
Ray