Do you guys know any free video editing tools that allow me to alter color settings, lighting, sharpness, cropping, transsions, effects or filters and allow me to export output into different video formats?!

I am running Windows 8.1 64-bit

You may try Da Vinci Resolve : https://www.blackmagicdesign.com/products/davinciresolve
There is a free version with a lot of feature.
It's a professional tool... so there will be a learning curve.
It might not work well if you do not have a recent / powerful computer.

I feel your pain the windows movie editor is a bit lame.....
Im ready to pop as well on some editing software instead of this basic crap from windows.

blackbox Posted at 2015-5-7 04:09
You may try Da Vinci Resolve : https://www.blackmagicdesign.com/products/davinciresolve
There is a f ...

Thanks blackbox.. Hmmmm.. I will give it a try though I know I will give up on this software soon.. The user interface is freaking me out..

Colonel Angus Posted at 2015-5-7 08:14
I feel your pain the windows movie editor is a bit lame.....
Im ready to pop as well on some editing ...

I have been searching for quite sometime.. It is quite difficult to find a good/user friendly video editor on Windows..

GoPro Studio is free but I'm not sure if it will import Inspire videos. Their website states "Supports GoPro, Canon®, Nikon® and other constant frame rate H.264 mp4 and .mov formats"
Has anyone tried importing Inspire vidoes?

The free version of Lightworks has all the post processing tools you are ever likely to need.  It is a professional NLE editing suite and was used to make the films 'Pulp fiction', 'LA Confidential', 'The Kings speech' and more.  The free version is almost fully functional but will only allow export up to 720HD resolution.  but if you use and like it, you can upgrade to the full version and it will handle up to 4K resolution.

Jason

roy@netraction. Posted at 2015-5-9 16:09
GoPro Studio is free but I'm not sure if it will import Inspire videos. Their website states "Suppor ...

i have the gopro studio premium with the best (edit friendly) codec - cineform 444. unfortunately  it doesn't handle the h264 4k. i have asked several times in here if somebody is familiar with it but i have never got any reply. its a pity it doesn't work.   gopro studio premium also has 2 useful tools the HDLINK to trans-code and downscale and the INCREDIBLE tool called FIRST LIGHT which is a great tool for color correcting and others. very easy to use. with lots of presets and luts. the best i have seen so far. also with cineform avi you color correct and edit real time even with an older pc. no prob. i am using cineform since 2006 and the results is phenomenon.
it would be the best solution for trans-coding h264 to cineform avi and color correcting.
i will contact cineform help desk in order to ask if they are planning to do something about it.
davinci.... it must be a good tool but it seems very complicated.

check this one:

Ph02on Posted at 2015-5-9 18:01
The free version of Lightworks has all the post processing tools you are ever likely to need.  It is ...

Yeah.. I tried it.. It is excellent but I have one problem with it.. I do not know how to do noise/grain reduction.. Any ideas?!

Have you tried Blender (https://www.blender.org/) ? Its designed as an animation system but can edit videos as well. I think it covers most of the features you are looking for.

ajgraham@waitro Posted at 2015-5-12 05:17
Have you tried Blender (https://www.blender.org/) ? Its designed as an animation system but can edit ...

I will install and try it.. Thanks bro..

roy@netraction. Posted at 2015-5-9 16:09
GoPro Studio is free but I'm not sure if it will import Inspire videos. Their website states "Suppor ...

I just installed it and it won't let me edit my videos. It says can't edit a non-Gopro file.