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you can either pay for imovie on your iphone, its kinda tricky to edit and stuff though. or you can just plug the phone in as if you're syncing it, sync the movies onto your desktop and then upload those into your editing software, like imovie on apple computers.
once the new operating system comes out for iphone (4.3) you can get imovie right on your iphone. Now it wont really do anything more than sting clips together and put a soundtrack.
WMM is definitely the best program to start on...You can still make great edits with slow motion and what not. By far the easiest program to start with. Plus, its free with a windows computer. Now if you are more excelled with editing go with adobe. Hope that helps!
Ah man,looks like your shafted, iphones are gay, only gapers use them, i bet the only footage you got is on the lift and at the entrance of a park that you didnt it up