You’re a YouTube addict with a serious amount of uncut video footage that you want to upload. If you want to transform that footage into an Oscar winning video clip that will be viewed millions of times, you’ll need to do a little editing. But buying editing tools isn’t a cheap pasttime. However, all is not lost. Ever since the social video market boomed back in 2006, a number of online video services have matured and sought to differentiate themselves by adding editors.

If you’re already working with video on the web, an online editor is fast, easy and free. In theory, these services could bring video editing to people who would otherwise never engage in it. People already engaging in video editing can benefit from automatic software updates and the sharing made possible by online communities.

Here’s a brief look at some of the services out there in the ether.

JumpCut

Jumpcut, acquired by Yahoo in 2006, lets you upload video, photos, and audio, or import from Flickr or Facebook, and edit using a Flash interface. Jumpcut is the most developed of the editors, allowing you to add a long list of effects, transitions, and captions to the videos. It also incorporates fine grained control of trimming and audio levels (uploaded background audio and voice). The complexity of the interface makes it great for detailed edits and mashups, but borders on being too heavy an application for the internet.

Checkout the Jumpcut website.

Eyespot

Eyespot is a fully featured editor like Jumpcut. It has a drag-and-drop interface that lets you upload video, photos, and audio and then add transitions, effects, titles, and music. The editor isn’t as attractive and easy to use as Jumpcut’s, but Eyespot offers a good deal of free media sets from partners like The Colbert Report, Public Enemy, and Dreamworks Pictures. Eyespot’s white label editor is becoming available on more and more sites, with the NBA being a prime example.

Checkout the Eyespot website.

Cuts

Taking a slightly different tack, Cuts is a great example of a Web 2.0 “mash-up”, where two online applications are merged. In this case a video is taken from YouTube, MySpace or Google and you cut, loop, add preloaded sound effects, and insert captions to enhance the original. Editing is straightforward, consisting of changes to the sound, caption, and navigation levels for the video. Every edit can be re-cut, embedded, and emailed. In the future, Cuts will be expanding into simple editing for digital movies and TV shows.

Checkout the Cuts website.

Motionbox

Motionbox is best known for deep tagging videos, but they also have an editor that is ideal for trimming your Motionbox content and joining the videos together.

Checkout the Motionbox website.

Photobucket

Photobucket leverages the most recent Adobe Flash tools. Unlike other services, users can “mash up” video clips with audio files and photos, and add effects and transitions.

Checkout the Photobucket website.