A video site is rather complex.
I can say this from personal experience. First of all, as it has been said already, it's a lot of bandwidth. Right now, we're doing hosting with GoDaddy at about 15 / month AND another $100 / month for bandwidth. If we go over our bandwidth, we pay more!
That's on the low side as well. We were able to get good deals with our bandwidth host, so we're paying less than most other people.
This is just the costs that it takes to run the actual website. Development costs was about $8K and counting.
Not only that, but you can't just know about how to develop websites, but you also have to learn about different video technologies (ie. streaming and buffering).
If you want to use streaming, you'll have to have a streaming server, which GoDaddy (Website2Nite) does not provide, and you'll have to have the technology for a streaming player (ie. windows media player - BAD, flash = good, silverlight = good).
Overall, a video site is definitely something that beginners will do. It takes experienced programmers and web developers in order to make it run. Not to mention lots of startup capital whether you're going to do it in house or outsource.
I'm not trying to be the bearer of bad news, but I will say that it's pretty difficult and it's usually not something that a beginner would take on. I'm not saying that you are, but you really have to gauge your skill if you're going to do it yourself.
I hope that helps you make a decision for your project! Good luck!
If you want to see the video website that I developed for my client, you can view it here:
http://www.golivestream.com. It may give you more of an idea of what a streaming video website might require!