What do you need in your video editor? Do you need video filtering and editing? Do you need H.264 AVC support? What about containers, will AVI be enough or do you want MP4 and MKV containers as well?

H.264/MPEG-4 AVC is the best video codec that you can use. But it isn't fully compatible with a few free video editors. Ditto for the multimedia containers like MKV and MP4.

I'm a noob in video editing, but it seems like what you want isn't available for free.