I'm not 100% sure this is what you are trying to do, but i hope it helps:
$(document).ready(function() {
$("#wrap").mouseover(function() {
$("#video").stop().slideDown("slow");
});
$("#wrap").mouseout(function() {
$("#video").slideUp("slow");
});
});
#text {
margin-top: 20px;
float: center;
font: VNF-Museo;
font-size: 40px;
color: #333;
margin-left: auto;
margin-right: auto;
border: 1px solid #000;
}
#video {
display: none;
width: 1024px;
height: 278px;
border: 1px solid #000;
}
<script src="https://cdnjs.cloudflare.com/ajax/libs/jquery/1.9.1/jquery.min.js"></script>
<div id="wrap">
<div id="text">text</div>
<div id="video">video</div>
</div>
Another example: http://jsfiddle.net/ZyUYN/