SAVE2PC light edition enables your PC to download videos from YouTube and save it as AVI (for Windows) or MPEG (for DVD players) or FLV (not converted) file to your local computer. The user interface is very simple, so you don’t need any technical knowledge to use it. And, it’s FREE!
Of course they do have other PAID versions that let you convert downloaded video to watch on a PC, Laptop, iPod, Sony PSP, Zune, PDA, iPhone, cell phone, etc.
UPDATE: This is no longer FREE for anything. Price of business these days.
Freemake Video Downloader rips videos from YouTube, Hulu, Facebook, MTV, Vimeo, ComedyCentral and converts the video to the format you want for offline viewing. Freemake let’s you convert it to your computer, iPod, iPhone, PSP, and Android for free.