Cuts.com has just opened up private beta testing of its new video editing and remixing service which has been in development for a year. Cuts.com will be entering the marketplace along side the likes of Jumpcut (owned by Yahoo) and Motionbox,

Cuts.com allows you to edit video from sites like YouTube and Myspace to create your very own videos. Cuts will let you add captions, add a group of sound effects, loop sections of video, and cut out unwanted sections from fat videos. All edited videos that are edited by Cuts.com can then be edited again and again, presumably by other Cuts’ users.

However, Cuts.com has some serious legal issues. What will sites like YouTube and MySpace think of cuts.com taking their videos and editing them, and what will the original copyright owners think? Cuts.com better install a big mailbox for those cease and desist letters.

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