I’m looking for a camera that shoots HD quality video, similar to those that all those fancy shmancy youtube guru’s have. Basically, crappy video isnt cutting it anymore.
So if you have any reccomedations for a cost effective camera that has nice video quality, please help! Thanks so much in advance!

The cheapest would be the Panasonic FH20. It can be found for under $150. Here is an example.
http://www.youtube.com/watch?v=Wh0Y5B653vk
hope this helps
http://cheapdslrprofessional.blogspot.com/
If all your looking for is HD video Recording then this would be the cheapest, for only £70 on amazon (RRP: 149:99) you get 1920 x 1080 x 30p Full HD video along with an impressive 10MP still shot camera.
http://www.amazon.co.uk/Samsung-Full-Ultra-Compact-Camcorder/dp/B002JTVR6G/ref=sr_1_8?ie=UTF8&s=electronics&qid=1282239291&sr=8-8
Good luck!
About HD video is have a two kind : normal HD video (1280x720p) and Full HD video (1920x1080p).
For a camera support capture HD video such as a Canon PowerShot SD1400IS, Canon PowerShot SD780IS, Nikon Coolpix S8000, Nikon Coolpix S4000, Sony Cyber-shot DSC-H55, etc.
For a camera support capture Full HD video such as Sony Cyber-shot DSC-TX7, Sony Cybershot DSC-HX1, Nikon Coolpix P100, etc.
Sony Cyber-shot DSC-TX7 : 10.2MP, 4x Zoom with Optical Steady Shot Image, 3.5 inch Touch Screen LCD, An advanced “Exmor R” CMOS sensor provides stunning low-light images, 1920×1080 Full HD video recording
http://www.amazon.com/gp/product/B00328HR80?ie=UTF8&tag=camera.c1-20&linkCode=as2&camp=1789&creative=390957&creativeASIN=B00328HR80
Nikon Coolpix P100 : 10.3MP, 26x wide-angle optical zoom, 3.0-inch vari-angle high resolution HVGA Clear Color Display, Full 1080p HD movie recording
http://www.amazon.com/gp/product/B0034XFG86?ie=UTF8&tag=camera.c1-20&linkCode=as2&camp=1789&creative=390957&creativeASIN=B0034XFG86