Show First Picture from Video as Thumbnail

Instead of showing any picture as the thumbnail for the video, I would like to show the first picture shown on the video as the thumbnail. Once the Url of the video is typed in the box, the thumbnail should be the first picture of the video and not any other picture one has to upload. Besides, as it is now, if one is going to post a video, one has to upload any picture and set it as video first and then give the url of the video so that it will stream the video. What it should be is that no picture is required to upload since it is a video that is streamed. Hope I make myself understood. If you tell me you are going to add this feature in a week or two, I’ll buy the plugin sooner. I am very interested in the plugin but it needs a few tweaks.