I made a silly Mac vs. PC parody video with South Park characters for a college class final project that went viral and made me a few thousand dollars through various ad deals: http://www.youtube.com/watch?v=Id_kGL3M5Cg
Your terms of service seem to be for a different site. It states: "shoutfast.com provides users with a search engine service to locate mp3 files and metadata from external web sites throughout the internet."
Would be great to let users know what each field is for in the signup form. They're all blank in Firefox.
Other than that I think it's a cool idea. Good luck!