This remarkable new app lets you take 60-second clips of live TV shows and share them online

A new video-sharing app called Whipclip just launched on the Apple App Store on Thursday.

Whipclip allows you to take up to a minute-long clip of live TV or past shows (as well as music videos), and share it through social media, text message, or email. It basically allows you to create and share your favorite TV moments within seconds - legally.

So if you're watching Comedy Central and see a hilarious joke you just have to share, you can simply capture it with Whipclip (you can play or rewind up to 3 minutes of live TV on its app) and post it on Facebook, Twitter, or Pinterest.

You can also search for certain keywords and find clips containing those specific words. For example, if you search for "Britney Spears," it might show you Ludacris' music video that has Spears' name in its lyrics.

For its launch, Whipclip is partnering with multiple TV networks, including Comedy Central, ABC, CBS, and Bloomberg, as well as Universal Music Group and Sony Music for music videos. Channels like Bloomberg and A+E Network will be available 24-hours, live, but others will only have past episodes of select-= shows available.

There are no sports networks yet, but Whipclip tells us "sports is phase two" of its business and it's currently in talks with multiple sports channels.

We'll walk you through the app to give you a better idea of how it works:

That's the Whipclip app icon. Tap to open.

Once you click on the "TV Shows" tab at the bottom, it'll take you to this page. You can live-stream Comedy Central's "Inside Amy Schumer" for up to 3 minutes (or go back 3 minutes) within the app.

You can create a 30 to 60 second clip by tapping the "Create a clip" tab.

Once you tap "Create a clip," you'll see this screen. Users can capture up to 60 seconds of the video. Click on "Next" and you'll have your own clip.

You can share it through social media, SMS, or email. You can also post it on your own wall within Whipclip.

The wall looks like a standard newsfeed wall of any other social media app.

You can also see what's trending within Whipclap.

There's also a search function. Let's say you're looking for clips of Nicholas Carlson, Business Insider's Chief Correspondent, on Bloomberg's "Market Makers." You just have to type in his name in the search box.

You'll get several options.

Once you find the one you're looking for, you can play it right away within the app.

And then you can simply select the part you want to capture, and save/share it on your wall!

Whipclip drew a lot of attention in December when Re/code reported that it raised $20 million at a $100 million valuation. Some of its investors include Raine Ventures, Institutional Venture Partners, Ari Emanuel and Scooter Braun. Its CEO, Richard Rosenblatt, was the cofounder of Demand Media and former chairman of MySpace.

Whipclip is available for download on the App Store.