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Omnisio is an amazing tool which lets you paste in the URL of a YouTube video (among other video sites) and then crop the time slider to a specific part. You can then add more videos if you like, and publish the result to show to others – without even registering at the site, a cool approach. The site is fairly easy to use and all in all well done but right now there seem to be a bit of a lack of available effects (like fade in/ fade out, color effects, text overlays and such).
Do note that you need Macromedia Flash 9 in order to work with this tool, and the Firefox auto-installer may cause problems. Going straight to the Flash 9 installer, shutting down Firefox and then installing it works pretty well.
YouTube also has an online video editor, but last time when I checked it was completely broken. Also, Google Video allows you to directly link to a certain part within the video by appending e.g. #4m12s (the minutes and seconds into the video) to the video URL.
