Convert videos ( wmv, mpeg , mov, avi etc ) to flv complete with screencaps on the fly.
http://ytmnd.webspacemania.com/flv/
If theres interest in the idea/script i will add more features like watermarking with your logo on the video and thumbs.
custom frame grabbing and animated gif creation from the video.
enjoy..
If any hosts want to bone up for the bandwidth cost i think a simple version of youtube ( i.e. no registering ) would do great