I’ve only just come accross ourmedia.org, but after reading their mission, joining up and having a look around… I think its the one we have been looking for.

Ourmedia is several things in one. We are:
• An open-source project built and staffed by volunteers
• A destination Web site that freely hosts grassroots video, audio, music, photos, text and public domain works
• A community space to share and discuss personal media
• A learning toolkit to help our members create rich and compelling works
• An archive so that these works can be preserved for the ages
• A clearinghouse that allows anyone to search for licensed video, audio or music, download it and remix it, with proper attribution. Legally.
Soon we hope to become:
• A 501(c)(3) non-profit
• A resource and global registry to bring freely shareable media to the desktop so users can create image albums, slide shows, jukeboxes and media libraries with a few mouse clicks