Quoted:
am I in danger of any piracy laws at the moment if i let other members leech movies or music from my computer?
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Yes, of course. While "fair use" allows you to make copies for YOUR own use, it is illegal to give other people copies while retaining yours. They use a book as a guideline: you can loan a book, but two people can't read the same book simultaneously.
Why do you think they shut Napster down, even though no files even resided on their servers?
Of course, it's highly unlikely that anyone is going to care, except, perhaps, your ISP, for generating so much traffic to your site.
-Troy