The other day YouTube released their video editor which has been getting a lot of press as of late. I tested it out and feel that it is just another reason why YouTube is perhaps the best place for all needs video "housing & editing".
Basically, it lets a user upload a video, edit it w/ captions or a soundtrack, and even create a mash-up w/ other videos.
I highly recommend checking YouTube Editor by clicking here.
For other excellent reviews check out these other blogs: