If you've got a top-end computer, AVID used to offer a free download that you may still be able to track down. Mind you, as it's used professionally it may be a bit of overkill!
Also, most CD burning software comes with some sort of editing package. Must say that (apart from it's tendency to lock out and it's non-user friendly export options) I find WMM quite a nice little programme.
WMM would be better if it could record to DVD - the new version for Vista does (so I'm told), so that is another possible route - upgrade to Vista (with all its potential problems).