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video editing software for free

Wax - http://www.debugmode.com/wax/ - this is also a compositor - a bit like Adobe's After Effects - - unlimited video and audio tracks
VideoLAN Movie Creator - http://videolan.org/vlmc/ - up to 64 audio and video tracks
TrakAxPC - www.trakax.com/software/pc/
VideoSpin - http://videospin.com/ - just 1 video track so you may as well use WMM
VideoPad - the free version - http://www.nchsoftware.com/videopad/
Lightworks - http://www.lightworksbeta.com/ - I like this one - unlimited tracks ?
Serif MoviePlus - http://serif.com/free-video-editing-soft… - unlimited tracks ?
Ezvid - http://ezvid.com/ - 32 video and audio tracks

VirtualDub, RAD Video tools, AVITricks and Avidemux are also good tools you should look at. Although not full editors like the others they have some useful features.

Lightworks and Wax together are a very good video editing system for free.

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