need help with a video plugin

Hi, Im planning on building a website where registered users can upload video content. Its a user video based website relating to music. So when people register they can upload as many videos as they want to but I need to know if i would be able to do the following with wordpress

1. allow registered users to upload videos under thier own profile
2. allow other users to view the videos and registered users to comment on them.
3. be able to add videos to your favourites and have your favorites listed on your profile page

basically it will have some of the functions of youtube.

is wordpress the correct platform to build this with or would you suggest joomla as it will be heavily member orientated

thank to all that reply