Video editing and DVD authoring has become a time consuming* hobby of mine. By far the best editing package on the market that I have come across is Sony Vegas, the stripped down version of the pro version used by many of the world's outside broadcast and other video-using units.
If all you want to do is snipping and cutting it will do it with ease and is a doddle to use but if, like me, you then find you want to do more when you see just how easy it is, the Vegas will take you as far as you want to go.
Mine cost about sixty quid from Amazon, including DVD architect bundled with it. The advantage of using DVD Architect is that if you render the edited video using the appropriate format it doesn't need to be re-rendered again when making the DVD. This doesn't just save time but also ensures no loss of quality decoding and recoding the source material.
One comment: I presume you don't really mean CD as you won't get much video of any quality on one.
*about forty hours work to make my last 45 minute epic after all the sifting through source material, thinking of a plot, choosing music, synching everything, and so on. This having started out like you wish simply wanting to cut out crap bits...
