Update: As this post is getting more hits, I will be adding more free video editing sites here
6. Youtube Video Editor
You already upload videos to youtube. now you can edit videos on the youtube site within your browser. You can add music, rotate video clips, trim clips, add transition effects, combine multiple videos, remix videos.

You need to select youtube videos you want to edit & add them to story board. You can rotate, trim, add transitions from there. You can select audio songs, remix with selected youtube videos. It saves your work so that you can rework on them. You can have multiple projects. You can publish videos to youtube when you are done editing.
Original Post is below
If you are a YouTube fanatic or a movie freak and love video editing, here are some cool websites which enable you to edit videos online without having to download any software.
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