Hey I'm running two Youtube like scripts myself, get with me and I'll give you a killer deal on hosting.
Here's a couple we tried, the first one was not a happy camper installation process.. it needed lots of tweaking once it was in.
http://www.tubesturbate.com/
this one was a little better, but still has some bugs
http://tubesterbate.com/ (not yet skinned)
Great idea though, good way to generate traffic. If anyone wants more info on the scripts, or even better a dedicated server with this script running on it... contact me on Skype Chat