Microsoft Windows Live Movie Maker has been released for Windows 7 & Windows Vista.
Windows Live Movie Maker
Windows Live Movie Maker is a new offering that allows you to easily turn photos and video memories into great-looking movies to share with family and friends across a TV, PC or mobile device using the most popular camera types and file formats on the market today.
Windows Live Movie Maker is the first application designed for Windows 7 and is built to make beautiful movies from your photos and videos very quickly.
Download the new Windows Live Movie Maker to get an immediate (and free!) upgrade to your Windows Live experience.
Its new features include, DVD support, Integrated YouTube HD uploads, 1080P HD content support, new animations & visual effects etc.
You can get more details here.
And if you don’t like this version, you can always Get the Old Windows Movie Maker in Windows 7.
Do also check out MovieMakerPreview.