Free Multimedia Tools
Graphics
XNView - A fast multi-format graphics browser. It can read over 400 file formats.
The GIMP - GNU Image Manipulation Program. "It is a freely distributed piece of software for such tasks as photo retouching, image composition, and image authoring."
GIMP Shop - A GIMP hack that look like Adobe Photoshop
Paint.net - "Paint.NET is an image and photo manipulation software designed to be used on computers that run Windows 2000, XP, Vista, or Server 2003." Runs on the .net framework.
Audio
Audacity - "Audacity is free, open source software for recording and editing sounds."
CDex - "CDex is a CD-Ripper, extracting digital audio data from an Audio CD."
Multimedia
Divx - Create and play high quality, high compression video.
Windows Movie Maker - A free video editor from microsoft.
Microsoft Producer - An add on from Microsoft that synchronizes PowerPoint slides with video and audio. Everything is packaged in an easy web format.
Microsoft Photo Story - "Make show-n-tell cool again."
Windows Media Encoder - Microsoft's screen capture, broadcast, and encoding package.