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Well, before you upload that video you had to have your parents mortgage the house to pay for, read the "Rules" section. There you'll find this tasty little nugget (super-important stuff in bold):
BY SUBMITTING THE VIDEO, YOU HEREBY GRANT TO THE COMPANY A PERPETUAL, WORLDWIDE, NON-EXCLUSIVE, ROYALTY-FREE, SUB-LICENSABLE (THROUGH MULTIPLE TIERS) RIGHT AND LICENSE TO USE, PUBLISH, REPRODUCE, DISPLAY, PERFORM, ADAPT, MODIFY, DISTRIBUTE, HAVE DISTRIBUTED AND PROMOTE SUCH CONTENT AND THE CONTEST IN ANY FORM (INCLUDING ANY TITLE OF THE VIDEO AND YOUR NAME AND LIKENESS), IN ALL MEDIA NOW KNOWN OR HEREINAFTER CREATED, ANYWHERE IN THE WORLD, FOR ANY PURPOSE. IN ADDITION TO GRANTING THE ABOVE LICENSE, THE GRAND PRIZE WINNER WILL NOT BE PERMITTED TO USE THE SUBMITTED VIDEO RECORDING FOR ANY COMMERCIAL USE AFTER IT HAS BEEN SUBMITTED.
Now, we're no legal eagles, but this basically states that JUST BY SUBMITTING your video, Clear Channel has the right to do whatever the hell they want with your video - forever. And if you win the contest, you won't be able to use (sell) your video.
Smell right to you?
Hey, if it does, go for it. Get all the info HERE. But keep all the above stuff in mind.