Octopus
The open source video transcoding and delivering platform based on Drupal. This will provide you ability to quickly set up a video platform like Youtube using self hosted Ffmpge or using Zencoder video transcoder.
WatchIT it is a "collective entertainment methodology" in which each user consumes movies from the network and at the same time shares movies with other users.
Watchit is a movie playback system, in its most basic form it allows you to filter, search, play movies.