This is THE BEST paper airplane I know how to make. Unfortunately it was extremely difficult to get a good video of it flying so there isn't one... I didn't relise that there was an instructable like this one already when I made mine so yea here is The original
PLEASE RATE THIS INSTRUCTABLE IF YOU LIKE IT

Step 1: What You Need

To make this plane you will need:
1. a single piece of regular printer paper
2. a good workplace
3. a few minutes of time

Step 2: Fold...

Start off by folding the paper in half long ways. Crease the edge with your thumbnail to get a good crisp fold. Now unfold the paper and rub your thumb along the fold to flatten out the paper.

Step 3: Fold More....

Now fold the upper right hand corner to make the top edge, up to the center line created in step 2, line up with the center line. Do the same thing to the upper left hand corner.

Step 4: Fold More....

Now fold the the triangular top so that it makes a triangle facing in the opposite direction. Now repeat step 3 but instead of making a pointy tip make it flat. Make sure that only the very corners meet up with the center line. Now there should be a little triangle at the base of the larger triangle, fold this up to hold the flaps in place.

Step 5: Fold for the Final Time...

Now flip the whole thing over and fold it in half so have a sort of triangular shaped quadrilateral. Now fold the top edge down to meet the very bottom edge. Fold the other side the same and unfold to make wings. These should be ninety degrees to the body of the plane. I usually put stabilizer type wings on mine but this isn't necessary unless your plane doesn't fly straight. On mine, this is also just for looks, I wouldn't put them otherwise. To do this fold the bottom of the wing to meet the top of the plane. Do the same thing to the other side and unfold to make it look like the picture.

Step 6: Toss It!!!

Grab by about the triangle that holds the flaps in place. Throw by using your elbow not your wrist and make a smooth motion and release when your arm is about straight or a little less.