Wow - great! Thanks for your suggestion. I have not yet captured all the video. Another guy has already done some of the capturing so I can utilize what he has done, for sure. Other footage - I will have to do myself.
VideoLan is a good tool,
also try this freeware program for PC:
http://sourceforge.net/projects/movica
This is an editor for non-linear video. Exactly what you are asking for.
Have you gotten the video into digital format yet?
That in itself is going to need another piece of software.