Replying to Hauppauge HD PVR xbox 360 help

So I'm looking at buying one of these things so I can record myself playing MW2 and posting edits on youtube. I found one on kijiji (classifieds) for $180 and it has only been used a couple of times and includes everything in the box. I'm also pretty sure that I'll need to get some other software to use for editing. I was wondering what program you guys can recommend for this sort of thing. Thanks, also any other helpful advice is greatly appreciated.