Cheapest Way to Make A Video SITE?

Are there any open source resources out there to create a video site (kind of like youtube)?

Mainly what I want is to customize the scripts and make an original site. If this is impossible, then there are two choices:

1. Buy an existing script
2. Hire a coder

(are there any alternatives?)

Main thing is: video sites seem like an expensive and risky business to get into, so I want to know what is a cheap way to start out (so you don't risk losing hundreds, or thousands of dollars)

Second: is there anyway to make sure your video sites are efficient and dont use up too much bandwidth (to lower your web hosting bill)?

Thanks guys.