New York (NY) - Time Magazine has publsihed ts annual list of the best inventions of the year. Topping the list is video sharing site YouTube, eclipsing medical, military, and gadget innovations as the magazine’s choice for the top ranked invention.

Although YouTube was invented in the middle of 2005, it was considered for the 2006 selection as this year marks the finish of the first 12-month period the site has been in existence. With coverage from top news and entertainment outlets, YouTube has created a global phenomenon with impacts to literally everyone with Internet access.

"In the past 12 months, thousands of ordinary people have become famous. Famous people have been embarrassed. Huge sums of money have changed hands. Lots and lots of Mentos have been dropped into Diet Coke. The rules are different now, and one website changed them : YouTube," describes Time Magazine its list of top inventions.

In the past few months alone, YouTube has created a lot of buzz when it was acquired by Google for an almost unheard of $1.65 billion transaction between two Internet companies. It also got unexpected exposure on the campaign field with wall-to-wall coverage of the 2006 midterm elections showing up on the site.

YouTube joins the Itunes music store, a cloned dog, and a privately financed space jet on the list of Time Magazine’s invention of the year winners.