I also agree that the idea "needs a little work", probably more than a little. That's what seed money is intended to address: keeping a roof over my head while I work on the idea.
To paraphrase Paul Graham, for the third time in this thread, the final product tends to look very little like the initial idea.
Yes, I agree the site probably needs a name change. The very initial idea in this case was user-created lists of bittorrent files, "Wikipedia meets BitTorrent", if you will. I've modified the idea to include links to videos that are not bittorrent files, including youtube, vimeo, posterous, and justin.tv. So yeah, the site probably needs a name change, which I've considered for awhile.