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If you really want the exact answers to these questions (like what licensing you need – there are at least four different ones to put a top-40 piece legally into a video production – synchronization, mechanical, perfomance and distribution) you should really consult a lawyer.
In lieu of that, a good reference is: http://www.vasst.com/dvdproducts/caveats_copyright.htm – This is a DVD fron VASST by a lawyer that addresses many different aspects of copyright law as it relates to the video professional.
If you don’t want to spring for the big bucks (it is $130), then try an article written by Douglas Spotted Eagle here:
http://dvinfo.net/articles/business/copyrightfaq1.php – It goes into many issues of what will and will not protect you, should you ever get taken to court.