Google-owned YouTube will provide the technology while Universal Music Group provides the tunes and vids. Together they will create a new music video site hosting Universal’s vast music library.

VEVO will be accessible through a standalone site – VEVO.com – as well as through a new VEVO channel on YouTube.

YouTube’s announcement of the partnership mentions a special VEVO “branded embedded player” for the site and the YouTube channel, but the video site did not give any details about what will make the new player so special.

Today’s announcement also mentions VEVO will include Google’s Click-to-Buy feature for purchasing individual tracks.

While YouTube’s announcement only mentions Universal, CNET reports that, during a conference call, Universal CEO Doug Morris confirmed he is in negotiations with other labels to supply content for VEVO.

VEVO.com will be the first satellite site ever spawned by YouTube. However, Google CEO Eric Schmidt said he hopes there will be more.

In making the announcement, both sides also confirmed that the deal between YouTube and Universal allowing users to create and post videos utilizing Universal sound recordings has been extended. Translated, that means you’ll still be able to post videos of your daughter, son, dog or drunken brother-in-law dancing to music by Universal artists without having to fear the long arm of the label’s copyright enforcement division.

Click here for YouTube’s announcement.

Click here for CNET’s take on the story.