Is it legal to have a website for watching online movies on it without hosting any of the said movies on my server? For example, can I legally embed movies (for which I don't have bought the broadcasting rights) on my site that are uploaded on youtube (not by me of course)?
this is called warez linking. it is illegal and of course your site could get DMCA and taken it down. hint - use offshore hosting...
If you link them, and not embed, its partially legal, because your not streaming from your website. Its a risk either way though.
I had a friend to get in trouble for this very situation. Save yourself the domain name costs and headache and just avoid it.
Forget the legalities of it (it is illegal in most jurisdictions - not sure where you're based) you'll never make any money out of it. Or at least the rewards will never outweigh the risk, time and head ache of doing it!