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VLC Media Player (v1.1 on-wards) can play YouTube videos without affecting the sound pitch and without having to download the video separately.

Here are the steps:

1. Go to File -> Open Network Stream menu option.
2. Paste in the main YouTube video URL (Example URL: http://www.youtube.com/watch?v=Ew_tdY0V4Zo).
3. Hit the Play button. Change the video playback speed of the video using keyboard shortcuts [ to decrease or ] to increase speed.

UPDATE: You can have more control over YouTube's default HTML5 speed settings (without the audio pitch issue). Speed up YouTube Playback?