Actor and rap music artist Will Smith has partnered with his entertainment company Overbrook Productions to launch an online music video site, with some videos in high definition. Started with $2 million in venture capital, the site features thousands of music videos from popular artists from BMG, Sony, Universal and others.

The site, Plugged In, does not yet allow users to embed its videos on other sites or social networking pages, but some sources claim this feature will be available soon. Users in the meantime can set up their own Plugged In profiles to feature their favorite artists and videos.

PluggedIn's financial backers plan to monetize the site by selling songs, concert tickets, and merchandise relating to particular artists.  CEO Jeffrey Somers argues that advertisers are more attracted to this type of content. Somers hints that his company could soon broaden its reach outside of music, but for now it is starts with 10,000 videos from four major labels.