You can. The object tag isn't supported in some popular web browsers, so that's a plus.
Example to display a video :
HTML Code:
<object width="500px" height="300px">
<param name="movie" value="http://www.youtube.com/v/gJfpLKhSjJs&fs=1" />
<param name="allowFullScreen" value="true" />
<param name="wmode" value="opaque" />
<embed src="http://www.youtube.com/v/gJfpLKhSjJs&fs=1" type="application/x-shockwave-flash" allowfullscreen="true" wmode="opaque" width="500" height="300" />
</object>
PS. HTML elements are everything from the start tag to the end tag, 
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