Have always been a big fan of this tool....have seen it grow evolve and prosper. Recently it has been put to sourceforge and this has helped make it better. After reading this if you happen to try it out and like it, dont forget the plugins!
Some of the useful stuff I do with it are:
1. Compress vidieoz from my handycam, digicam
2. Convert video and audio formats
3. Add audio to a video stream and viceversa
4. Video Editing
For audio editing there are many good free tools...one of them is audacity
For this video editing tool...Google for VirtualDub
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