YouTube has unveiled a cloud-based video editor that simplifies the process of cutting clips and uploading them. It's more basic than desktop programs such as Final Cut Express--even Charlie's brother will be knocking his own revenge videos up in no time.
You can trim videos and splice them together using the drag-and-drop editor. And it allows you to include AudioSwap library's music files, although Google Operating System is reporting that using the files may display the ads on your finished oeuvre. Here are some examples made by YouTube users already.
Is the YouTube editor a threat to Apple's iMovie? Not yet, but given the declining quality of iMovie, it might not take Google very long to catch up.