You can now rent a handful of movies through YouTube via this link, and while it may not seem like much of a selection now, think of the possibilities of this for Android users.  YouTube could be experimenting with the service and is offering 5 movies from the 2009 and 2010 Sundance Film Festival.  If this succeeds, and they are able to secure deals with major studios, we could see a viable competitor to Apple’s iTunes movie rental service.  Since YouTube is owned by Google and integrated into most all Android devices, it would be a logical fit.

The rental service is currently only available from January 22nd – January 31st for the Sundance films, but a small collection of others, particularly from the health and education industries will be up for rental in the upcoming weeks.  Rentals last 24 hours and are as easy as clicking “rent” and then confirming your stored information via Google Checkout.

Would you be interested in renting full featured films and television shows from YouTube in the future on your Android phone?  The potential to turn this into an on demand-like service that is manageable by your computer or phone could be a fantastic way to get customized content on the go.

[via Marketwatch]