The new site, which will launch next month following a re-launch of the magazine, will charge users 20 pence to view some of the uploaded video clips.
In turn those submitting clips will get two pence every time a paid-for clip is viewed. Other videos submitted by readers will be free to view.
Peekaboo TV has provided the technology that the publishers hope will encourage the magazine's 680,000-strong readership to submit video content and blogs to the website.
The user-generated content will be updated daily, personalised and categorised by genre and made available via website and WAP portal.
The announcement comes the same day as Emap re-launched its CAR title moving the bulk of its news content online.
Gez Jones, associate publisher of Fast Car, said: "The big thing for Fast Car is being interactive with the readers through the magazine, the website and mobiles.
"We will allow people to upload snippets of their lifestyle up to the website; we will then be able to put some of these stories and images back into the magazine.
"We want to give readers chance to have their work put into print, but the magazine can't show how loud a stereo is or engine noise - video and audio on the site can."
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