JayCut: Free Online Video Editor

Video editing is something that can kind of be a pain, and in some cases can even cost a lot of money if you don't already have decent hardware/software to do it. JayCut wants to help with both of those things. A free account will get you 2GB of storage and the ability to export/save up to 20 videos per month. I'd say that is more than sufficient for most people.