I was trying to see if I can enhance the quality of the videos as well... so went googling again..
I found this software called vReveal... it also gives you the ability to rotate your videos as well as enhance them.
here is a sample..
one of my favourite Youtube P&W singers, Daniel Choo singing "Your Love Oh Lord (by Third Day)".
This video was done in 2007. I used vReveal, just did a auto contrast, auto white balance, sharpen, and gave it vivid color as well. I did not change the resolution, which is 240p.