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There's a few scripts about free and commercial.
If you just want to cobble something together quickly then buy one.
However if you want to do something a bit different and add features etc then read about FFmpeg and PHP (Django/Python or Rails/Ruby).
You'll need a little bit of Flash to make the player; even if you buy a script you should make your own player as most of them are shite. gotoandlearn[DOT]com* has some good Flash player making tutorials and general tube related tutorials.
Most tubes look the same so pay someone to make a decent template to overlay your script and then promote the shit out of it. Having a good domain as you've mentioned might help.
*I can't post links yet...
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