Can't be so sure about that.
Viral videos prove to be quite a good strategy to implement some marketing.
Ok, you might not get better results then using SEO or PPC advertising. But, at least:
1. It's free
2. Since it's viral, all you need to do is have a video.
That's all!
So, viral video could be used to "test the water" of a market. You can judge how well it's doing.
Of course, u don't need to make a whole new video.
Just grab a vid at youtube. Brand it with your website address CLEARLY. Put it on youtube. E-mail it to ur friends. And you're ready to get going!