Cool site!  You might want to go with a more fancy template but is good to start with.
Nothing works more than word of mouth promotion, so you must tell about this site to your relatives, friends, do some offline advertising. Don't ask people to "upload video's" in ads, instead promote some interesting video and invite people to see it. On the site mention, "Have something you want to share? upload the video!"
I'm not very experienced with PPC advertising, but I think you won't get many signups from PPC advertising for this site until you really throw some big money.
(May be someone in this niche will be able to comment on that...)
You can instead use the money to finance a contest like the most viewed video for a particular month wins some amount of money, or something else like Ipods etc.
So you will get new uploads, and people will tell their friends to see the video sending traffic to your site
Best of luck with the site! 
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