Video Hosting Question

Hi,

We are looking at installing wordpress onto our network and allocationg users with their own account / blog.

I have a couple of questions relating to media that I have been unable to find conclusive answers to anywhere else and was hoping someone may be able to calrify for me;

Would the installation have the following features out of the box;

• The ability for users to upoload audio content from their local machines into their blogs
• The ability for users to upload video content from their local machines directly into their blogs

If this functionality is availiable out of the box, would wordpress autimatically allocate space on the server for each user to store these files?

If the functionality is not availiable out of the box, how easy would it be to set up / are there any plugins available to schieve this.

Many Thanks in advance!