There's an even easier way to do it
Get
Illimitux. It's a firefox plugin that automatically removes megavideo and veoh watch limits. As an added bonus it works for rapidshare and megaupload too. saves playing around with proxies, which can be a bit frustrating sometimes... It seems to be updated pretty regularly too, which is good. I've never had any problems with it.
And if you're interested in that you might also wanna check out another ffox plugin called Skipscreen. you can download it
here. Removes all the annyoing wait times for rapidshare/megaupload.
Enjoy.