Wax is a free, nice little video editing and FX software. It handle multiple tracks of video and audio.
Here is a list of the features:

1. Loads 3DS objects
2. Full 3D space and lighting
3. Video morphing via WinMorph
4. Can use all virtualDub plugins
5. Can use DirectX plugins
6. Can be used as a plugin within Vegas Video 4.0

Leading video editing software from Adobe. This package is basically your all in one video editing station, with FX, timeline based editing, transitions, keying, DV and analogue video/audio capture and audio mixing all in the one software.
For a start you select project settings that include res, compression, FPS, audio quality, etc for your project (you can also selecta range of presets). Once you have created a project you can import clips/stills/audio into bins with thumbnails for easy access and oraganization.