str = '<div class="engage-eventCallout">{^youtubevideo|(width)425|(height)264|(rel)True|(color1)#666666|(url)http://www.youtube.com/watch?v=ZqUFLFmuLmg|(autoplay)False|(border)False|(loop)False|(cookies)False|(hd)False|(fs)True|(color2)#EFEFEF^}December 16, 2011 Seattle WA</p></div>'
if(/\^youtubevideo/gim.test(str)){
  var arr=str.split(/\^youtubevideo\|\(|\^\}/igm)[1].replace(/\)/gim,':"').split("|\(");
  eval('var obj = {'+(arr.join('",\n')+'"')+'}');

  for (i in obj){
     alert(i+':'+obj[i])
  }
}