YouTube is a video sharing service that allows users to watch videos uploaded by others and upload their own videos. It has advantages like allowing partners to own copyrights to their uploaded content and earn ad revenue through views. Partners also get greater exposure through search results and customization options. There are disadvantages like content must be original and there are language/location restrictions on becoming a partner. Partners must also adhere to YouTube's rules. The document provides instructions on how to use YouTube for entertainment, sharing videos, and studying as well as how to get started by creating an account.