It can be done. You'll need an HTML5 video stack. There are several available on the RapidWeaver Community: https://rapidweavercommunity.com/addons
But keep in mind that video is very very large. Sending out video to many viewers takes a huge amount of bandwidth and host CPU. Most hosts like GoDaddy have very low limits on how much bandwidth you are allowed to send out.
You can probably self-host small, short videos from your own host if your pages doesn't get too much traffic. But if you're expecting a lot more traffic what you might want to do is embed a Vimeo video in your page and remove all the Vimeo logos (something that can be done with a Vimeo "Pro" account).
This is what we do on the YourHead site to display our videos.