Linux.com is running a great article Easy video creation using only FOSS software--FOSS, of course, meaning Free and Open Source. It's not a comprehensive tutorial--you're still going to have a lot of learning to do--but it does tell your best options for creating and editing video without spending a dime. The short version is like this:
- Cinelerra - Non-linear digital video editor and compositor
- Kino - FireWire DV video capture
- Xawdecode - analog (VHS and camcorder) video capture, DVB capture, streaming and TV/DVR functionality
- MEncoder - video conversion
- DeVeDe - MEncoder GUI for easy DVD and VCD creation
- MPlayer - DVD and video playback
- dvd::rip - for ripping DVD video
- Firefox with the Flash 9 plugin and VideoDownloader extension - for capturing video off the Web
- K3b - for burning DVD or VCD images
