Wax is a video special effects and editing tool. While not as complicated as some of the larger video-editing and special effects suites on the market, Wax is intended to be general purpose, easy to work with, and powerful enough to satisfy most users' requirements for video creation and manipulation. Wax installs cleanly and easily.
The Wax interface presents a list of files and effects in the top left, a feed of the video in the top right, a timeline and track display in the bottom right, and some controls in the bottom left. It takes only a few minutes to get used to working with Wax. A nice feature is that 2D and 3D special effects can be added quickly, and the effects package can be treated as a standalone app feeding a more complicated video-editing package. (Wax can actually act as a plug-in to packages like Premiere and Vegas.)
Wax works really well for a free application. The effects are clever and well done, and there's graphics acceleration available if you have a higher-end video card to create the special effects in near real-time. The file management features are good, and there's support for standard file formats. All in all, Wax is a very nice video-editing and special effects package for those who don't need the power of the expensive commercial editing packages.