Looking For A Specific Type of VIDEO BLOG Theme, Can Anyone Help?

I’d like to create a very modern site where users can upload both blog posts & video blogs. Can anyone point me in the right direction.

I do have some WordPress themes you may like it:

You will need Good web hosting. You didn’t write what blog you will have. Every user will have own blog or…? Is it free or paid blog etc.

The idea here would be to design a (text & video uploads) blogging site.
Imagine a modern site that allows people to upload stores from their life or
video blogs and share on other social networks.

The site would definitely need (or allow) to have a S2 member plugin, so that users can upload & customize their own profiles etc.

  • Is there a WP template I can use?

That what you want will be combinations custom design and plugins like BBpress or budypress. You need to check is S2 member plugin compatible with this plugins.
There is no out of box solution.
Also it is not good for site to upload video on local server. You can use third party links like Youtube or Vimeo