Do you mean something like,
BoonEx. That is a facebook clone and is really easy to get rid of most of the links on top. It doesn't offer a channel.
There is also a youtube clone,
V3-Beta - V3-Beta it is free.
To make it work I think you need the big names from youtube to also post. This will mean a partner program, but it will need to offer more in value than youtube is. I would think that the only way to actually compete is to get new bands in too. It will not be cheap either of them options.
I can learn the basics to design both of them if needed.
There is also a way of hiring somebody to do a system just for the site it will actually cost more than it might bring in, but we can then just sell it away if it doesn't work :P