Wax is a free, nice little video editing and FX software. It handle multiple tracks of video and audio.
Here is a list of the features:

1. Loads 3DS objects
2. Full 3D space and lighting
3. Video morphing via WinMorph
4. Can use all virtualDub plugins
5. Can use DirectX plugins
6. Can be used as a plugin within Vegas Video 4.0