Online video editing?
It just doesn't sound like something that would be possible. Editing photos online? Sure. You can do that. But those are small files compared to video. And what about processing the final edit online? So I took a look at a few services that are coming online.
One True Media is a site lets you upload video clips, images and audio files, and then assemble them to create a short film. Easy enough to use. It's not Final Cut Pro and you can't really "edit" your video footage and the audio layout is clunky - but it's better than I imagined and the cost is excellent. Free. Get on board now and see where this goes in the next year.
OK, on to Eyespot. Create your account. It will offer you some free clips to use and you can upload your own and then start mixing. You can play and trim video by adding start and end points in the clip (key frames), put in some audio, add still images and then save it as a new video.
You can share your video with the community and they can remix it and find other users' clips to mix. Oh, it's real Web 2.0.