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YouTube first introduced its editing tool for YouTube video around this time last year, and now editing videos on YouTube is even easier. Thursday, the company rolled out an updated and simplified interface for editing clips. The editor now has a quick-view for all of the available filters, and as you're editing your video you can check out a real-time interactive preview of any enhancements you've made.

"Robin Good's personal directory of the best tools and services to capture, edit, publish and distribute video online that I recommend."

Filelab web applications offer an online video and audio editor though both only work on windows OS