I wrote about this before but I've actually tried it out now.
Lightworks has released their industry standard software (it was used for the Oscar award winning "The Kings Speech") as free software - and they are soon to open up the code as well.
This is a great way to do basic editing - but it also has a slew of realtime effects you can add to the workflow.
I like the way you can set up more than one mixing desk so you can work on different parts of a project separately.
If you want to try it out all you have to do is register and you can have it for free.
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