Wanted to pass along a pretty cool website...
For those of you who don't need all the bells and whistles (or pricetags) of Final Cut or Avid, but still want to edit home movies or online videos, check out JayCut-- a simple online editing application that lets you upload and edit videos, then put them on Facebook, MySpace, YouTube, etc... or put them on DVD or iPod. And best of all-- it's totally free!
In all fairness, I haven't spent a ton of time on JayCut... yet... but I've played around on the site... and it seems pretty cool and useful. The site claims you can use it to make shorts or "creative masterpieces"... and while I'm not sure it's what you'd wanna use to make the next "This Is It," it certainly seems user-friendly enough to make quick and simple videos, shorts, even sizzle reels or short presentations.
And as a quick bonus-- also check out Download3000, a free site that lets you download YouTube videos (together, you can use these applications to download footage, remix it, mash it up, splice it into your own work, whatever you wanna do...)