LiVES mixes realtime video performance and non-linear editing in one application. It will let you start editing and making video right away, without having to worry about formats, frame sizes, or framerates. It is a very flexible tool which can be used by both VJ's and video editors - mix and switch clips from the keyboard, trim and edit your clips, and bring them together using the multitrack timeline. You can even record your performance in real time, and then edit it further or render it straight away as a new clip !
For the more technically minded, the application can be controlled remotely or scripted for use as a video server. And it supports all of the latest free standards.