I'm a simpleton, I use Windows Movie Maker to make mine it's really simple.
First you need to get your content, either off a camera or download from ITTV (Iwisoft Downloader) or Youtube (Youtube Downloader)
Import the content and away you go. (You might need to convert from FLV with youtube, I use Free FLV converter)
I use the split tool to cut my video, which means you split the video at the start point and again at the end point which means you end up with everything before as a video segment, the point you want as a video segment and everything after as a video segment. Similarly you can also use the trim tool where you set a beginning and end point for the bit you want and then lift it out from the video. I find splitting is generally easier to use and quicker.
It's really simple once you get the hang of it and as simple as Windows Movie Maker is, I have produced some reasonable videos in my time
my username on youtube is blackpool0rock0child if you want to take a look.
Hope that helps you a little bit