Here are some options. It very much depends, though, on what format your original footage is in, and what you want the final product to be.
Free - Online
Online editing has the advantage of off-loading the computer intensive rendering process over to powerful online servers. The disadvantage is you have to copy your huge video files up to the server, which makes it almost unusable for HD. But you can't beat the price: free!
- Jaycut is the most complete online product of which I am aware. It offers two video tracks (an A Roll and a B roll) as well as transitions and audio editing. Here is a review by PC Magazine, and here is a quick amateur demo of using the site.
- Wax is another option that specializes in lots of creative transition options, but it can be hard to use and doesn't offer much in the sound area.
Inexpensive
Editing on your own computer is great, as long as you have a very powerful computer. Otherwise, doing your rendering will always be an overnight job. Another thing to be aware of is that all the inexpensive programs are 32 bit, so if your computer has more than 4gb of memory, they won't be able to take advantage of it.
- Sony Vegas Movie Studio HD give you the most bang for the buck. I see it at Amazon for less than $20. And it gives you a very well featured editing program with transitions, very good audio tools, and a variety of formats that it can render. What is missing? DVD authoring - it's in the Platinum edition, below.
- Sony Vegas Movie Studio HD Platinum can be had for about $65. It's the same as above, and adds the ability to create DVD and Blu-ray disks with menus and graphics.
- Adobe Premiere Elements is an even more full-featured program for about $80. But you really have to have a lots of processing power to pull it off. If you like Premiere Elements and also edit photos, Adobe sells a bundle of both Premiere and Photoshop Elements for about $120.
I hope that gives you some options. Also, both Sony and Adobe have free trials that you can download from their websites.
In what format is your original video and what do you want the end product to be?