VSDC Free Video Editor looks and feels just like a professional video editor. In fact, if feels almost identical to Final Cut Pro in a lot of ways. If you want to experience that style of in-depth video editing, this program is an epic way to do it for free. Be warned, though, that there's a steep learning curve unless you already have some experience.
This program checks in at about 26MB, which isn't gigantic, but is still relatively large. For that, you'll get a program that is a dead ringer for professional editing programs. It has the same sort of timeline editing style that lets you combine multiple cuts, add transitions, and render them into a complete project. As such, it isn't very easy to use unless you really know what you're doing. Few things are labeled or intuitive, and all of your tools are spread out across multiple menus. If you can find the features, there are plenty of ways to cut, reshape, and modify your video's picture and audio, though. You can even kick the quality up to 30 FPS and 1080p HD. VSDC Free Video Editor supports just about every video format you can think of, so you'll have no problem turning any video into a project.
This video editor gives you tons of control and editing power, but you'll have to know how to use it. The program could use a manual to help novice users comb through all of the features. Without that, VSDC Free Video Editor will take a lot of experimenting or previous editing know-how to figure out. It's worth spending plenty of time with, though.