Video ANT is a new (beta) site for annotating YouTube video. What makes this such a great site is how user friendly it is. To get started a person has to title their video, add an email address it gets sent to and then copy in a URL of a video. Then a person has the option to watch the video and annotate as it plays along!!
I highly recommend checking out Video ANT by clicking here.
Thanks to Richard Byrne's, Free Technology 4 Teachers for the tip!!!