Yes there is a free video editor. Lightworks beta is not just free but it is full featured. It has been used on such films as the Oscar-winning film The King’s Speech and the critically acclaimed Hanna.
At the NAB Show in April 2010 EditShare owner of Lightworks announced they plan to transform Lightworks into Lightworks Open Source and in November 2010 released the a free downloadable version of that software.
The software is currently for Windows only but in late November 2011 will have both Mac and Linux versions. There is no reason to purchase expensive photo editing software like Adobe Premier or Final Cut.
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