What is the best free video editing software?

Question by Meg Flash: What is the best free video editing software?
Windows Movie Maker makes my computer ridiculously slow and is infuriating because of the limited number of file formats it supports. Can anyone help me find a free or open-source video editing software that can help get the job done? Thanks!

Best answer:

Answer by Ethan
Flash video editor is by far the best in my opinion.

Know better? Leave your own answer in the comments!