The answer is, you might be able to buy YouTube, and some even claimed that it is cheap. However, who would have 1.6B USD lying around, and who would be able to handle all all these lawsuits that will surely follow after the acquisition?
Who else but Google alone?
I still can't see how a "potential advertising venture" that is yet to generate substantial revenue would be valuated at 1.6B USD. Consider Lenovo bought IBM's long-established brick-and-mortar PC making business 2 years ago for merely 1.25B USD.
Maybe I am still living under the shadow of previous bubble burst, and couldn't figure out all the maths of the supposedly "new economy" of Web 2.0.