editting software recommendation?

Hi! I just bought a Canon HV30, hoping to shoot my first real HDD film. Can anyone recommend an affordable and versatile software for moving the video to the computer and editting it? I hope to be able to dub sound in places, and insert some text, like titles, credits, and import music files. I assume such software would have to include a data cable to connect the camcorder to the pc.

Also, my camcorder has an external MIC jack, and I bought a MIC at Best Buy, forgot the name (I am at work right now), and it does not say if it is stereo or mono, and I am not sure how to find out. It was $50. The wire is only 8 inches, and I planned to splice extra wire on it, to be able to use a boom. Is that stupid?

Thanks! I am new here, and so far am very grateful for the knowledge and tips.
 
Since my first posting on this, I've since realized the advantages of Vegas Pro, but starting out, the Studio versions worked fine for me for the longest time, espesically for my limited budget then, also, as someone else mentioned in an ealier thread, I like the fact that I can easily import and edit AVHCD files and it automatically generates 5.1 Surround sound tracks. Plus, I bought it as a package deal with some Sony photo video editing program that I never used (I have Photoshop). But, I have used Premiere as well and it works fine and may even have more controls than Vegas, it's just more expensive, and I'm already used to the workflow of Vegas, but I can't find anything negative with Premeire, it's all a matter of preference. Good point about the prohibited use on using the educational discounts for profit, there's ALWAYS a disclamier on these types of products referencing this. From what I hear Adobe doesn't take kindly to software violators :)
 
I don't know the price well, but try and get Adobe After Effects CS4 or anyother version it is (my opinion) the best editing software well if you are looking for special effects...

Or just go with iether Vegas or Premiere
Vegas = Easier
 
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