It depends on what you are going for! If you just want to chop up and make a few quick clips than things like the editor that GoPro has should work, and things like Windows movie maker will be all you need.
However if you wanted to mix it in with some other footage or have more than 1 audio track/video track then you need to start looking at more advanced software. iMovie does have some of these capabilities and will do everything for most people (if you have a mac) However Adobe Premier and Final cut pro are the best things out there, but require a bit more umph in your computer. These pieces of software are professional, and have more capabilities than even I know what to do with and I have been using the software over several generations in the last decade or so.
Now with the Creative Could you can use it on a month by month plan (I think it is something like $30 a month for a personal user and there may be a free trial for 30 days or something)
But there are TONS of great tutorials out there on editing tips and tricks.
If you have questions about it, feel free to ask.