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The following list of free video editing and convertor software are highly recommended for Mac OSX:

Simple Video Splicer 1.0

• Simple Video Splicer is a very basic yet powerful tool for creating movies out of several video segments.
• Want to add a music track to the video? Not a problem, SVS offers a user friendly audio splicing tool as well.
• SVS also includes a basic image panning tool for displaying photos in motion.

Gawker 0.8

• Gawker is an application for Mac OS X that creates time-lapse movies using a webcam. Images from your camera can be shared, allowing other users to record your image stream. Streams can also be combined to create a time-lapse movie with up to four locations side-by-side. Continue Reading »
  Free Movie Maker and Convertor Downloads for Mac OSX

The following list of free video editing software are highly recommended as an alternative to Windows Movie Maker. For those searching for MAC versions, do check out Free Movie Maker and Convertor Downloads for Mac OSX

AVS Video Editor [Free download]

• Direct Transfer to iPod, PSP, Mobiles and Other Portable Players
• Supports Virtually ALL Video Formats
• Burn Movie DVDs
• Capture and Edit Video from External Devices
• Edit Video and Enhance Your Movies
• Create Slide Shows
• Make Perfect Audio for Your Video Editing Tasks
• Scene Detection
• Convenient Video Editing Tools and Interface

Jahshaka

• The worlds first Open Source Realtime Editing and Effects System. Jahshaka takes advantage of the power of OpenGL and OpenML to give its users exceptional levels of performance. Jahshaka currently supports Linux, OsX, Irix and Windows, and Solaris is on the way!

AVS Video Tools [Free download]

• Convert video between almost any format
• Burn video DVD
• Rip home video DVD and convert video file
• Cut unwanted parts and TV advertising
• Convert video content for DVD/MPEG-4 player
• Transfer video from DV cam
• Make Flash SWF, Real Video or WMV movie
• Convert video to audio tracks and images
• Enhance your movies

Avid Free DV

• Perfect for students, DV camera owners, video enthusiasts or anyone exploring video editing - Avid Free DV software is an easy, free way to join the Avid family and test-drive the industry-standard editing interface used by more professionals than any other video editing solution. Includes basic video and audio editing capabilities, up to two streams of real-time effects and support for both Windows XP and Macintosh OS X platforms. Try out this free software and if the capabilities are not up to mark, you can easily go for the professional video editing software Avid Xpress Pro.

VirtualDub

• VirtualDub is a video capture/processing utility for 32-bit Windows platforms and is streamlined for fast linear operations over video. It is capable of batch processing capabilities and is geared towards processing AVI files, MPEG-1 and also sets of BMP images. If your capture device is Video for Windows compatible, then VirtualDub can capture video with it.

AVIedit

• It is a great tool to work with .AVI files. Regardless of small executable size, this avi editor offers you unlimited power of digital video processing. Some high-tech tricks included into AVIedit allows you to perform with ease and fun the many interesting things, like video warping, color restore, noise reduction, etc. AVIedit allows you to join and split avi files, extract frames, capture video, heavy compress, recompression and more features.

DebugMode Wax

• Wax can create 2D & 3D special effects and can work in two modes - as a standalone application which would appeal for home users/beginners, and as a “plug-in” to video editors/NLEs which would be more useful for professional editors. Currently Wax can work as a plug-in with Sony Vegas®, Pure Motion EditStudio and Adobe Premiere® and work for integrating with various other NLEs is in progress.
  Input formats : AVI, WAV, all popular image formats.
  Output formats : AVI, MPEG, WAV, Flash, all popular image formats.
  (AVI and WAV formats support compressed audio too, using Audio Codecs installed in your PC).

ZS4 Video Editor

• ZS4 Video Editor can be used like an object oriented photo-manipulation program with a timeline: things that can be manipulated in a photo (workshop) program can be manipulated in ZS4 using parameters which alter over time.