Microsoft has released Windows Movie Maker 2
Windows Movie Maker 2 makes home movies amazingly fun. With Movie Maker 2, you can create, edit, and share your home movies right on your computer. Build your movie with a few simple drag-and-drops. Delete bad shots and include only the best scenes. Then share your movie via the Web, e-mail, or CD. Using third-party software you can even take movies you've made and turn them into DVDs. You can also save your movie back to the video tape in your camera to play back on a TV or on the camera itself.
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