"Now, look no further than the
Creative Commons library accessible through
YouTube Video Editor to make this happen. Creative Commons provides a simple way to grant and use copyright permissions to creative works. You can now access an ever-expanding library of
Creative Commons videos to edit and incorporate into your own projects. To find a video, just search in the YouTube search bar or from within the
YouTube Video Editor. We're working with organizations like
C-SPAN,
PublicResource.org,
Voice of America,
Al Jazeera and others, so that over 10,000 Creative Commons videos are available for your creative use. To get started, visit
youtube.com/editor and select the CC tab."
Original Article:
YouTube introduces Creative Commons option for uploaders, remixers - Boing Boing
The only license offered will be the
CC-By-3.0 license
Creative Commons — Attribution 3.0 United States — CC BY 3.0
Yes, it includes the ability to make commercial use of the work as long as you fulfill the other license requirements.