YouTube has a new video editor that lets you create videos using excerpts from the videos you've already uploaded. You can also add a music file from the AudioSwap library, but YouTube mentions that it might display ads if you use some of the audio files.
"We've blogged before about our thoughts on the social web, steps we've taken to add social features to our products, and efforts like OpenSocial that propose common tools for building social apps. With more and more communication happening online, the social web has exploded as the primary way to share interesting stuff, tell the world what you're up to in real-time and stay more connected to more people.
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