Five wannabe stars living in a house will be streamed 24/7 on the site

Hulu has signed on as one of the primary partners on “American Idol” creator Simon Fuller’s new Web venture, “If I Can Dream.”

Dream,” which launches next year, will follow five young, aspiring performers who will live together in the Hollywood Hills and spend time trying to make it in the entertainment biz.

Project, which will officially launch in late February, will rep the first original program to run exclusively on Hulu.

Under the setup, the quintet’s time inside the house will be streamed live 24/7 on “If I Can Dream’s” official website. That footage will then be pared down into a weekly hourlong series that will run on Hulu.

Once “Dream” launches, besides the live stream, the aspiring stars will interact with viewers via blog posts, texts, MySpace entries, Twitter feeds and Facebook accounts.

If I Can Dream’ will become an interactive cultural experiment, opening up the American Dream and democratizing the process of the making of a star,” Fuller’s 19 Entertainment said in announcing the project.

19 Entertainment is owned by CKX; CKX topper Robert F.X. Sillerman first unveiled “If I Can Dream” to investors in August.

Sillerman said this summer that some feeds will be free to view by Internet users, while other content will be available with a premium subscription.

According to Fuller, the five players will change as they leave the house for any reason — be it to just get away from the spotlight or to accept a gig somewhere. The new hopefuls will then be chosen by “If I Can Dream” viewers.

In addition to Hulu, Pepsi (whose rival, Coke, sponsors “Idol”), Ford (which is an “Idol” partner), radio behemoth Clear Channel and MySpace are onboard.

If the show’s successful online, Fuller hopes to eventually sell it as a traditional TV property.

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