What it says:
imeem does not claim any ownership rights in any articles, information, materials, data, files, programs, photographs, concepts, communications, footage, ideas, opinions, and other materials ("Member Content") you post, store, or exchange through the imeem Site or Software; you continue to retain all ownership rights in such Member Content. Member Content is the sole responsibility of the person from which such Member Content originated. This means that you, and not imeem, are entirely responsible for all Member Content that you upload, post, email, transmit or otherwise make available through the Site or Software, or on the Network or Web. To the extent that imeem provides you with an opportunity to post, store and exchange Member Content, you agree to and hereby do grant, and you represent and warrant that you have the right to grant, imeem, its contractors, and the users of the imeem Site an irrevocable, perpetual, non-exclusive, royalty-free, fully sublicensable, fully paid up, worldwide license to use, copy, publicly perform, digitally perform, publicly display, and distribute such content and to prepare derivative works of, or incorporate into other works, such Member Content on the imeem Site or Software. This license does not grant imeem the right to sell Member Content or otherwise distribute it outside of imeem's Site and Software.