YouTube has launched YouTube Remixer (Beta), a service powered by Adobe Premiere Express to alllow Youtube users to edit their videos online on YouTube itself. This seems to be an effort to engage youtube audience especially frequent users/ uploaders to spent more time on the site.

This service lets YouTube users assemble new video in an easy drag-and-drop timeline and with a simple interface supports insertion of graphics, text and audio as well as overlays and in-video transitions and then publish it right back to YouTube.

This is YouTube's second add-on/ service within YouTube website, earlier Youtube has also launched  YouTube Mobile - a mobile phone version of youtube.

Via - Techcrunch