There's no need for two id attributes in the video tag, and there's no need for a separate source tag if only using one file format, and the video and poster you are linking to does not exist.
Anyway, example below:
<video id="myVideo" width="980" height="540" poster="http://d3v.lavalobe.com/voicecarousel/images/myPoster.png" audio="muted" autoplay="true" src="http://d3v.lavalobe.com/voicecarousel/video/myVid.mp4" type="video/mp4">
</video>
<script type="text/javascript">
$("#myVideo").bind("click", function () {
var vid = $(this).get(0);
if (vid.paused) {
vid.play();
} else {
vid.pause();
}
});
</script>
EDIT: adding a fiddle : http://jsfiddle.net/SKfBY/
Had a quick look at your site, and the video is cool :-)
If you look closely you'll see that there are two jQuery files added, not really the problem here, but you only need one, the second one will make your page load slower.
Also not the problem, but you should consider using the HTML5 doctype like below, as the video element is HTML5, but most browsers will figure it out anyway.
The problem seems to be my fault, jsFiddle automagically inserts the $document.ready function, and I forgot it in my example, that's why it's not working for you.
Here is a complete rundown of how I would write it, I removed both instances of jQuery for you and replaced with Google's version of jQuery, wich is usually a better option, and also you should probably remove any scripts that you don't need, like removing swfObject if the site does not contain any flash files using swfobject etc.
<!DOCTYPE html>
<head>
<meta http-equiv="Content-Type" content="text/html; charset=utf-8" />
<title>Untitled Document</title>
<link rel="stylesheet" type="text/css" href="http://dev4.baytechlabs.com/Voice_Carousel/css/main/style.css"/>
<link rel="stylesheet" type="text/css" href="http://dev4.baytechlabs.com/Voice_Carousel/css/main/thickbox.css"/>
<script type="text/javascript" src="https://ajax.googleapis.com/ajax/libs/jquery/1.6.4/jquery.min.js"></script>
<script src="http://dev4.baytechlabs.com/Voice_Carousel/js/main/cufon-yui.js" type="text/javascript"></script>
<script src="http://dev4.baytechlabs.com/Voice_Carousel/js/main/Pristina_400.font.js" type="text/javascript"></script>
<script src="http://dev4.baytechlabs.com/Voice_Carousel/js/main/MomsTypewriter_400.font.js" type="text/javascript"></script>
<script src="http://dev4.baytechlabs.com/Voice_Carousel/js/main/cufon-config.js" type="text/javascript"></script>
<script src="http://dev4.baytechlabs.com/Voice_Carousel/js/thickbox.js" type="text/javascript"></script>
<script src="http://dev4.baytechlabs.com/Voice_Carousel/js/swfobject.js" type="text/javascript"></script>
<script type="text/javascript" src="http://dev4.baytechlabs.com/Voice_Carousel/js/facebox/facebox.js"></script>
<link href="http://dev4.baytechlabs.com/Voice_Carousel/js/facebox/facebox.css" media="screen" rel="stylesheet" type="text/css"/>
<script type="text/javascript">
$(document).ready(function() {
$("#myVideo").bind("click", function () {
var vid = $(this).get(0);
if (vid.paused) {
vid.play();
} else {
vid.pause();
}
});
});
</script>
</head>
<body>
<video id="myVideo" width="980" height="540" audio="muted" autoplay="true" src="http://d3v.lavalobe.com/voicecarousel/video/CarouselWBG_v3.mp4" type="video/mp4">
</video>
</body>
</html>