Using music in youtube

Hi there,
I am looking for info about whether I can just use any music in my youtube video - or do I have to get a copyright waiver etc for it?

I want to make a youtube movie with the "The Good, The Bad And The Ugly" by Hugo Montenegro soundtrack.

Any help welcome!

Thanks,

Mikko

Technically you cannot use any music on a YouTube video that you do not own or have been issued the right to license the rights to both the Composition and the Master Recording. A songwriter or publisher owns the Composition, and generally a record label owns the Master Recording. In order for you to place that music in synchronization with new images (i.e. your video) you need permission from both parties, normally referred to as a synch license.