I have found a simple method for embedding Audio/Video in epub ebooks for ipad using two free tools :
Sigil and
Tweak_epub
Processing with Sigil
Open the ebook in which you want to embed Audio/Video in Sigil.
Go to the Book Browser pane in the leftmost portion of the screen and scroll down to the folder Misc
Right-click on Misc and the context menu “Add existing items “ will be displayed .
Click on that and browse for the audio/video files you want to embed and select them.
The selected media files are added to the Misc folder.
You can now scroll up to the Text folder and double click on the xhtml files to view the text content and to decide about where in the text you want the media files to be played. Identify and remember the name of the selected xhtml file. Save the modified epub file and close Sigil.
Processing with Tweak_epub
Open the saved epub file using tweak_epub tool. It will display a screen containing the structure of the epub file including the xhtml files.
Select the xhtml file you have identified before closing Sigil. Click the Edit File button , view the xhtml file and locate the place where you want the audio/video to appear.
Insert the following code for audio:
<audio controls="controls" preload="auto" height="385" width="480" src="../Misc/n.mp3">(Cannot play n.mp3. This reader does not support embedded video.) </audio>
Replace the audio file name by your audio file name
Insert the following code for video:
<video controls="controls" preload="auto" height="385" width="480" src="../Misc/re.mp4">(Cannot play re.mp4. This reader does not support embedded video.) </video>
Replace the video file name by your video file name
After inserting the code for audio/video in the xhtml file , save changes and save the epub file.
Now test your epub file on ipod/ipad.
The following is a link to an epub created following the above steps :