Kino is a video editor that allows you to produce your own video masterpieces using only free and open source software. With it, you can capture and edit clips from your video camera, add titles, insert still images, create transitions between scenes, and output the result in a number of formats. Best of all, it's easy to learn to use. But don't rely on the version in your distro -- grab the 1.1.1 release from SourceForge.net and build it yourself.
Downloading and compiling the latest version of Kino may be a bit of a bother for some, but it's well worth the trouble for Ubuntu users, because the current Ubuntu package is the less capable 0.92. I downloaded the tarball, but it wouldn't compile until I found and installed the list of prerequisite packages for an earlier release of Ubuntu. I then ran configure, make, and sudo make install. On my dual-core AMD 3200+ box with 2GB of memory, the compile took nearly seven minutes.