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YouTube has introduced a new Video Editor to its growing list of features.This is a new tool that will allow users to edit their videos (already uploaded ones, as well as new ones) without the need of a standalone video editing tool .

The feature, which is still being rolled out to YouTube users across the globe, has the ability to edit and add a background music to the video using YouTube's commercial AudioSwap library of licensed songs. The Vide Editor is intended for casual users who would like to spice up their videos without the expertise of professional video editors.

However, in the future we might see a advanced version of this same video editor in Google's Chrome OS as pointed out by CNET.

According to the YouTube Blog, the video editor can, in its current avatar, let users:
Combine multiple videos you've uploaded to create a new longer video
Trim the beginning and/or ending of your videos
Add soundtracks from our AudioSwap library of tens of thousands of songs
Create new videos without worrying about file formats and publish them to YouTube with one click -- no upload necessary
Take a look at this video for a feel of how this thing works