Do any of you guys know of any good video editing software?

I have several hours of home video footage ripped to my PC as WMV files (but I can convert them as needed)

I need to edit the footage down but I can't find any good editor. windows movie maker (which is actually not horrible for free software) does a lot, but doesnt seem to have any splicing options.. you can just stick different clips together, or cut up clips by segments.. I need cutting room editing capabilities though.. doesnt have to be professional.. just needs to get the job done.