Yes you can edit and cut together all the footage you want, and put a soundtrack over it. The thing is you only get one track of video and sound, and maybe one for some text. Effects wise there is a decent number of failry uninspiring ways to create transitions between footage and some other video effects, simple ones like black and white, blur, sepia, film grain etc and some stupid ones that you'd probably never want to use.
It's very basic. Depends what you want to do. If you're just slapping clips together and putting music on top it's fine, but if you need to make something a little more complex and export it into some deadly specific file type then it's no use. I'd use Adobe Premier.
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