Yep, it’s his property and he can do whatever he wants with it. And it is interesting that for $500 he has over a million youtube hits. So we can now see that 15 minutes of fame is pretty cheap to buy nowadays.
Anything with that kind of traffic will get an offer for ad placement via adsense and get revenue from Google. He'll make $500 very quickly.
Hope he signed up for the Youtube ad revenue sharing deal before he got the million hits.