Do you want to create a youtube like site in your company with some cool look an feel and with short span of time then here you go : PodCasting kit of SharePoint. It is completely free and you can download the complete code from the open source community codeplex. Also you can see couple of demo in the form of video in codeplex.
You can visit the official blog of SharePoint for getting more information. I have tried it and it is really awesome J !
My hearty thanks to the people who developed and decided to provide this application to the public community.