If you don’t know what the content is, use a regular expression to test if there is an URL.
Sample code:
$content = get_the_content();
$pattern = '~([^"\'])?(https?://.*\.(flv|aac|mp4|mov|m4a|f4a|ogg|oga|mp3))([^"\'\?])?~i';
if ( preg_match( $pattern, $content, $matches ) )
{
$parsedUrl = parse_url( $matches[ 0 ] );
// create the vidoe markup
}
else
{
// echo $content or something else
}