The contest, called the 'You on You' project, is the broadest worldwide YouTube contest to date -- open globally and localized for 21 English and non-English speaking countries.
Beginning today, contestants can submit their videos, from comedies to mini-biographies or documentaries, on the using new video creation tools on YouTube, including improved video remixing and web video tools.
Each week a panel of experts will select the top 20 videos as semi-finalists. YouTube users will then vote to select the top four videos, which will be in the running to win the grand prize of $40,000 along with recognition of the video on the YouTube homepage.
After six weeks, each of the 100 semifinalists selected by YouTube will receive an HP Artist Edition notebook PC, and the 20 finalists selected by YouTube viewers also will each receive $2,500.
The first, second and third placed winners will receive $40,000, $20,000 and $15,000, respectively.
Additionally, all submitted videos will be eligible for the Community Award. Participants will be able to share videos and enlist voters through a variety of social platforms.
The 100 contestants whose videos receive the most votes for the Community Award will win an HP Artist Edition notebook PC and cash prizes. The first, second and third placed videos in the Community Award will win $15,000, $7,500 and $2,500 prizes, respectively.
, running through to August 30, is an extension of HP's 'The PC Is Personal Again' campaign, which features professional snowboarder Shaun White, tennis player Serena Williams and singer Fergie discussing what they do with their HP PCs in a series of "hands" commercials which don't show their faces.
David Roman, vice president of marketing communications, personal systems group, HP, said: "HP hopes to inspire and foster creativity. Combining personal passions, digital remixing tools and the YouTube stage means we'll be able to gather, celebrate and reward expressions of originality like never before."
The project has been created to promote HP products that are designed by and for consumers, such as the HP Artists Edition notebook PC, which is one of the prizes.
Jamie Byrne, head of marketing programmes at YouTube, said: "We are really excited about the global scope, accessibility and social aspects of the HP You on You project.
"This is one of the first programmes where we have integrated tools for users to share their videos as broadly as possible across the web and other social platforms."