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/Peo, FreeWebSpace.net
And yes, Youtube clones are legal. Why am I saying that? Because someone was going to offer me hosting and then i said youtube clone and he said he only hosts legal sites.
Are you using a preexisting script or coding your own? Are your videos for a niche market, or are you planning to run a general video site like youtube?
The biggest problem with youtube clones is actually the amount of memory ffmepg uses converting files; most youtube clone sites get VPSes.