If you want to make a clone of youtube for yourself, then this is really simple and possible where you can put your favorite videos and can make good money from your website. Youtube is a big site and it makes good money through its traffic and content so you have to invest for bandwidth and storage space with fastest servers to keep your clone going like youtube.

To get started your own website like youtube you need to follow these steps:

Get a good domain: You must have a short name and it should be something to remember easily.

ffmpeg hosting: To run video sharing web site, you will need ffmpeg hosting. ffmpeg is program used to convert video into flash flv format for streaming. You can get ffmpeg hosting from http://www.hostonnet.com/ffmpeg_hosting.php

Youtube Clone Script: You can get script to run video sharing web site from http://www.buyscripts.in/youtube_clone.html.

Fetch Traffic: Almost nothing pulls in traffic like funny or entertaining videos. You will able to find these video from other video sharing web site and upload to your own web site, then you need to submit link to your web site on forums and web site where it is appropriate to post the link. For example, many message board have forums for sharing jokes, you can post link to funny video on your site to such forums.

Make Money from your site: You can make a lot of money off of an entertainment video website through a variety of means. You can show advertisements like YPN, Google AdSense or promote affiliate products for which companies pay you for advertising on your site. When you get more traffic, you can sell advertisements directly too.