Latest stable release of VirtualDub has been released with bug fix's and added features.

VirtualDub is a video capture/processing utility for 32-bit Windows platforms (98/NT/2000/XP), It has batch-processing capabilities for processing large numbers of files and can be extended with third-party video filters. VirtualDub is mainly geared toward processing AVI files, although it can read (not write) MPEG-1 and also handle sets of BMP images.

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Current build (1.5.9, stable):
[features added]
* Made 'autodetect additional segments by filename'
option sticky.
* Removed trackbar ticks when ticks are a solid bar
to speed up edits on very long timelines.
* Added option to disable use of DirectX in video
displays under Preferences/Display.

[bugs fixed]
* Fixed odd lock-to-keyframe behavior with edit lists
that have out of order segments.
* Fixed move-to-next-keyframe command at end of time-
line.
* Fixed decompression of 1-bit and 4-bit uncompressed
AVI files under Windows 95/98.
* Audio compression dialog showed the wrong set of
valid formats if a precision was selected under
Audio Conversion.
* The current edit list is no longer applied to batch
jobs created from entire directories.

Download: here