Free FLV video converter for YouTube

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Riva Flv media encoder (Free!!) can convert the video to other formats and vice versa. By converting the video you can have following uses:

- Convert the flv format for the VCD or DVD
- Convert the flv format to put it on your ipod by converting it into quicktime.
- Compress the flv format and size while conversion.

Also read: How to download a video from YouTube to your desktop

For instance it can support following formats:

WMV to FLV
FLV TO MPEG
QUICKTIME to FLV and many others

KeepVid can help you download videos from video sharing websites such as Youtube, metacafe, videojug etc

After conversion you can easily edit videos in Windows Movie Maker , If you want to edit the videos without converting, download Avidemux which can import flv videos directly.

If you are On the MAC -intosh
Download Perian (Free and Open Source software) to edit flv

To convert youtube video to mp3 Audio

vidtomp3.com Is a Free online service through which you can download mp3 directly from a youtube video URL

Related:
Things to do on YouTube a checklist
Making money on Youtube