I used to try to edit video clips years ago when the PC wasn't fast enough and the hard disks weren't large enough. I gave it up because of too much frustration. When PCs became more powerful and when digital video recorders were introduced, I took it up again. I used to use the Sony DCR-SR200 and HDR-SR11 camcorders. However, for the Botswana/Zambia trip in 2010 I purchased the Panasonic Lumix DMC-GH1 digital camera that can shoot both photos and HD videos because I wanted to minimize the number of gadgets to carry on a trip. Although the Sony HDR-SR11 could also take photos, its capabilities as a camera were limited. Also, Lumix DMC GH1 was highly rated by a number of reviewers.
After I purchased the Olympus E-5 which can shoot good video, I sold the Lumix DMC GH1 while it had retained a good resale value. Now, I just carryOlympus E-5 and E-3 on my trips.
Although I am using Adobe Premiere Pro CS4 to edit my videos, I'm still learning to master this powerful and complex tool. Viewing many tutorial videos supplied by Adobe (free of charge) as well as those by www.Lynda.com (for a small fee) helped enough to get started.
Adobe Premiere Pro is nicely integrated with other Adobe applications such as Photoshop and Encore. The wide-screen monitor I have serves me well when it comes to video editing. Although Premiere Pro used to crash now and then, it seems to be stable on the Windows 7 platform.
Here is a sample screen:
