LiVES is a Free, Open Source video editor *and* a VJ tool.

LiVES lets you start editing and making video right away, without having
to worry about formats, frame sizes, or framerates. LiVES will let you
start creating your own tools, utilities and effects via the built in
RFX builder.

LiVES is aimed at the digital video artist who wants to create their own
content, the video editor who wants to produce professional looking
video, and the VJ who wants to captivate with spectacular images.

WWW: http://lives-video.com/