Basically they want you to write, shoot and edit "viral videos" for them. A video is only viral if it because very popular. You cannot just produce a popular video, just like you can't just sing a hit song or write a blockbuster film.
what a great business plan - we have people make us hit videos for free. then we take all the credit. What are you thinking? that magic elves are going to come out in the middle of the night, cobble your shoes, video tape it and get it on Web Soup?
I love that they plan to then get the videos on "funny or die and similar sites" - you mean other sites that you can get stuff on for free? You have a deal with youtube? You know who else has a deal with youtube and funny or die? Everyone.
If you are applying for this job, please consider working for me. Here's my ad - "Be the next aint-it-cool-news.com. Writer needed to write snarky blog that will get tons of hits and make us some google ad bucks. must know how to write, spell, publish and promote. already having an ip address would help. Also light to heavy house cleaning. Some pay - you pay us."