What is Auto Blog: It gets its own content from the web and posts regularly to the site without any human intervention. In this case it scrapes videos from Youtube relevant to your niche / keywords and posts the thumbnails and other details on your blog. The visitor can view the video on your site directly though it remains on Youtube. Your webspace is not used.
Monetization: It is monetized with Adf.ly. Whenever, any link on your site is clicked, the visitor is shown an advertisement and then taken to the clicked link. This way, each click on your website is monetized.
It is a one time set and forget system. The system automatically adds new posts relevant to your keywords and at intervals defined by you. The regular updating gets noticed by Google and other search engines very fast and your site starts getting traffic soon.
The blog can be installed on your own host or any free hosting service and on your own domain or any free sub domain provided by free hosting services supporting Wordpress.