Yes, you can.
Many channels already do this.
When you take what would otherwise be copyrighted information and you add commentary to it — because it is a piece of news or it has wide mass media appeal — you don't infringe on the intellectual property rights of the copyright owner.
How come?
Commentaries and reviews have long been considered "fair use" when it comes to international copyright law.
The key here is to include as many different reactions and other inputs to convert the copyrighted information into commentary content.
A lot of people on YouTube are pushing the edge because a lot of people post comedy clips and they just laugh or they don't do anything and they say that they're reacting to the content.
I suspect a lot of those channels are probably going to get hit by copyright claims or that type of content would get flushed down the toilet by YouTube soon enough.
The key is to actually produce commentary content.
You can't just republish somebody else's work and just show yourself looking at it or watching it and leave it at that.
You have to actually offer your views, opinions, or some sort of commentary that would turn your otherwise illegal use of somebody else's work into fair-use content.