You're going to need to do some research... it's pretty cool though. There's a video in the bottom right corner which sums it up. Hope that helps you :) http://www.uvvu.com/
It's a cloud based video service. You basically own a digital copy that you stream to your computer, or other devices. You can also download and watch where you don't have Internet access. Hope that makes sense :)
FYI - This MIGHT also redeem on vudu.com or flixster if you are interested in UV codes BUT I CAN NOT GUARANTEE THAT! Food for thought. I can guarantee that this does work for iTunes as posted! :)