Yes, but in most cases you will not be bothered of installing Server/DB/Python yourself.
Do I need python intepreter in that server?
Why not? Django is a general purpose framework. For streaming videos you will probably chose Red5, but other tasks can be done with Python/Django.
Is it possible to create youtube like site with Django.
Whatever server hosting can deliver; that's responsibility of hosting/system administrator. For development there is a built-in development server, which can be started in one command:
What kind of a server you use to host Django site?