Nick Milton does a great job answering this question:
How to build a KM strategy, in less than 50 words Decide what knowledge is vital for the organization (A) Find out who needs that knowledge (B) Find out where that knowledge is now (and if it doesn’t exist, where it will come from) (C) Work out how to get A to B from C · Routinely · Systematically · Effectively · Efficiently
As one commenter mentioned, it's important, when determining the knowledge vital to the organization, that consideration be given to where the organization wants to be.
As a recovering programmer who cut his teeth on mark sense cards and punched tape, I'm amused by this rap young programmers - complete the jabs at diskettes and modems. As a young programmer, we didn't have YouTube to share our joy of programming, but we had plenty of paper tape, punched cards, and modem connected BBS networks. For kicks, we used to see how many computer operators we could fit inside the mainframe chassis or drop a scarifical stack of punched cards from a stressed out student. Those were the days.