I use a freeware program called Videopad to do minor editing tasks like stitching video segments together.
It is simple and works about 10X better than the MS Movie Maker.
Annotation is best done using the tools on youtube, IMO.
I have some videos there. Mostly hiking videos starring my faithful hiking companion Wilma the creek beagle.
http://www.youtube.com/user/ilbob
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Warning - I am not an expert on anything having to do with this forum, but that won't stop me from saying what I think.
Bob