You Tube Scripts?
 

Does anyone where there is one for purchase? I think this was post in the last few days but search didn't work.

200$
http://www.alstrasoft.com/videoshare.htm

some guy in buy and sell a week ago had one for 50$ but alstrasoft looks more reliable

Can anyone see how they are streaming the Flash movies?

Wouldnt you need Flash Media Server?

If I wanted to edit the code and add my own bells and whistles, would this be possible?

MySQL (version 4 or higher)
PHP (version 4.2.3 or higher)

Fmpeg (http://ffmpeg.mplayerhq.hu)
FFmpeg-PHP (http://ffmpeg-php.sourceforge.net)
Mplayer + Mencoder (http://www.mplayerhq.hu/design7/dload.html )
flv2tool (http://inlet-media.de/flvtool2)
LAME MP3 Encoder