Wayans described the venture as "In Living Color 2.0" - an online version of the hit 1990s TV series that made him and his brothers Keenen Ivory, Shawn, and Marlon stars.
"WayOutTV" will allow viewers to share, rate and leave comments on the bits.
Damon Wayans says in a statement he's always wanted "a way to be creative and collaborative with people who want to be a part of the process."
