How export to multiple clips from one timeline in Premier Pro CS3 ???

Don't know about Premiere but I would doubt that it would operate that way -- and video editors don't really edit clips this way. But what you want to do is very easy.
Instead of placing the entire video on the timeline you should place it in the Library or Bin or whatever Premiere calls it. Here you 'trim' the clip. All editors have 'mark in -- mark out' indicators that sometimes are displayed like this [  (mark in) and ] mark out.  When you have 'trimmed' each song you drag it onto the timeline. Here you can make further edits if you wish like putting a title at the front or doing fade ins or fade outs or whatever you want. They you simply hit 'make move' or whatever Premiere says, mabye 'Share' or 'Make a video' or whatever it is. Here you have to think about exactly what quality you want. If you are going for the untimate quality that Youtube accepts you would have had to shoot in HD and Youtube can display up to 720 x 1280. If you didn't shoot in that resolution, forget it and keep it standard, which is around DVD standard of 720 x 480 NTSC or 720 x 576 PAL.  Youtube likes either MPEG-2, WMV or H.264 format.  

Should add. That you will have to do every song seperately.

ok thanks for your advice. However, I do want to have the entire clip in the timeline, because I am applying some visual effects to the entire clip, and also syncing to another audio clip. So I want those same settings for visual effects and audio for each clip that I export. They should all have the same visual "look" just different clips. So replicating the same visual effects and sound settings for each clip would be too tedious I think.
Thanks anyway

Well you can still do it in the timeline. It's a bit stodgy but it works: Finish editing your entire clip in the timeline and save that project (don't make a video just save the small project file).
Now make your first cut -- usually the icon for a cut is a pair of scissors.  To cut out a section you make a cut at the start (unless you are at the start) and a cut at the finish of your section. Then delete the bits at the front and back of your cut. You will have your desired selection. If you want to save this MAKE SURE you save to ANOTHER NAME as you don't want to delete your original project.
Ok so you have you cut section. Just press 'make move' etc as I previously advised. Then close and re-open your original project and do your next clip.  I have used this method myself -- and it's a good idea to save a back up copy of your original project in a seperate folder incase you accidentally delete it. Project files are not video files -- they are just small 'mapping' files that remember your edits and point where your original videos are -- so NEVER move your original videos from their folders or your editing software won't be able to find them.

Hello!
@fredshovel: I really appreciate your suggestions, so thanks!
However, I dont see how your suggestion makes it EASIER for me to export what I want than the process of setting the range in the timeline, do an export, setting it again and doing a second export etc.
My hope / point is to have fewer steps between starting up and having finished clips, not MORE steps... Also, If i would want to change any settings later on, I would have to  go back and do those same changes to each and every project that I created according to your suggestion no?

Ah yes folks, we all wish the software would do exactly what we wish, but alas that's not how it works. You don't really 'export' from video software because the video hasn't yet been made until you render it.  

Overnight? That's some slick editing!

I am not sure whether you are being sarcastic or not. In either case, thanks for helping out.