In this contest, YouTube users are asked to submit videos of themselves dancing for a chance to win a trip to LA and spend a day with Chu at a "jam session", as well as an opportunity to dance in an Ultra Records music video.

YouTube HowTo & Style Manager Sadia Harper explains, "Here’s the deal: pick the style of dance that suits you — hip-hop, jazz-funk or b-boys & b-girls. Prove you know how to dance by replicating the choreography in the video; then show off your personality in the freestyle section."

If you don’t like dancing, at least you can laugh at all of the submissions that are bound to pour in.

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The site will launch in mid-January and hopes to become a popular place for people to watch and share videos focused on dancing. The video dance site will have a model similar to YouTube and plans to generate revenue through Internet advertising.

Similar to reality program "Dancing With The Stars" DanceJam will feature head-to-head competitions where contestants submit videos that will be judged by viewers. The site will also offer information on a number of dances including the Boogaloo and the Krump.

Hammer’s partners in the venture include Geoffrey Arone, chief executive officer, co-founder of social web browser Flock, and Anthony Young chief technology officer.

James McQuivey, a media analyst with Forrester Research is skeptical that DanceJam will attract visitors away from YouTube, which had 1.7 million dance videos in its index in late December.

"When people are looking for any video, whether it be about skateboarding, dancing or a science project, they don’t stop to think about where’s the best place to find it. They just start off by going to YouTube," McQuivey said.