Exporting from iMovie (08 or 09) to YouTube

It seems increasingly popular for professors at AU to assign video projects to their classes. One professor even explained to me that after the final they have a mini-film festival of all the videos the students had done as projects. Another professor explained an assignment he gives where he asks his students to put their work on YouTube. The class then has to look at everyone else's videos and make comments on the content. To be sure it's a neat way to use to the Internet for educational advantage. And YouTube is simple enough to use. But what about getting your movie out of iMovie and ready for a YouTube uplaod. How do you do that?

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Please note that this tutorial only applies to iMovies 08 and 09.