So you have a clip you recorded now you want to do something to it. What do you do?
Starting from the most basic there's Windows Movie Maker for all your basic needs.
There's 2 complicated encoding programs for a straight upload:
Handbrake and Virtualdub.
Windows Movie Maker can do all your basic editing, Virtualdub can do complex editing/filters/mixing etc, and Handbrake can transcode most filetypes.
There's many other video editing pieces of software ranging from below $100 to over $1000. What do you have and what works best for you?
One other piece of advise for music is enter the song on youtube and see if other people have used the song before or your audio may be muted. An alternative HD video site is Vimeo and i'm not sure of their restrictions.
Here's some recommended settings for youtube:
H.264 Baseline Profile Low-Complexity, 1.5 Mbps max., 640×480 max., 30 fps max. Audio: AAC-LC, stereo, 128 Kbps, 48 kHz. (Note: If the source movie is larger than 640×480 it will be scaled to fit within 640×480 preserving aspect ratio. Resolution is maintained if 640×480 or smaller. Frame rate is maintained when 30 fps and smaller.)
YouTube HD Video:
H.264 High Profile, 3.1 level, CABAC, over 2 (4) mbps., 1280×720 max., 30 fps max. Audio: AAC-LC, stereo, over 93 (128) Kbps, 48 kHz, i, p, b frames 10 seconds 3 reference. (Note: If the source movie is larger than 1280×720 it will be scaled to fit within 1280×720 preserving aspect ratio. Resolution is maintained if 1280×720 or smaller. Frame rate is maintained when 30 fps and smaller.)
Youtube HD 1080p:
Video: H.264 High Profile, 4.0 level, CABAC, over 3.5 (6-8) Mbps max., 1920×1080 pixels at 30 fps max., Audio: AAC-LC, stereo, over 125 (160) Kbps, 48 kHz. i and p frames 10 seconds no b frames playback might not work on underpowered computers encoding should be faster.
If you have any useful links, tips, or tricks for making a video post them up.
One tip. If your 720p video has a data rate over 3.5mbps average you can upscale it to 1080p for youtube without significant quality loss due to a higher data rate stream.