1) TubeChop: http://www.tubechop.com/
2)Splicd: http://www.splicd.com/
The last one offers more options for editing and interacting with videos. It is called "embed.plus" http://www.embedplus.com and it promises more functions than the other three....
I tested them with this "Milonga"
ORIGINAL POST IN YOUTUBE:
1) One minute edit with Tubechop
Example: http://www.tubechop.com/watch/318894
Tutorial:
2) One minute edit with Splicd
Example: http://splicd.com/vzPQS5xbTe4/150/210
Submit your comments if you try them... or if you know of others.