How to Use Video Structured Data from Schema.org?

The latest buzzword that took the Web by storm is Structured Data.  Everybody knows of it but not everybody knows how to use it—and why exactly?  Structured data is a group of markup tags that webmasters can use to embed into their website, so search engines can easily add rich snippets to their search result pages that give users a preview of what information is contained on the websites listed on the page.
Structured data is a type of metadata—data about data—and the groups of those HTML tags are collected and defined in schemas.  Schema.org is an initiative by the World’s top search engines Bing, Yahoo! and Google to provide collections of schemas for use on websites.  The end goal of such collections is promotion of standards on the Internet, which bring us closer to Semantic Web, a framework that aims for data to be easily transferable between different programs, systems and websites/browsers.
Schema.org is a collection of different schemas that allow user to quickly create rich snippets for display on search engines.  This includes a schema for a video file.  You can find the definition of a VideoObject at Schema.org.