Windows Movie Maker 2 is a beta release of a Windows feature. In order to restore the original feature after updating Windows XP, you must use System Restore. Please check to ensure System Restore is turned on before you install Windows Movie Maker 2 Beta. As with any beta release, please read the release notes for more information before installing. Windows Movie Maker 2 is available only for use with the Windows XP operating system.

Windows Movie Maker 2 Beta makes home movies amazingly fun. With Movie Maker 2, you can create, edit, and share your home movies right on your PC. Build your movie with a few simple drag-and-drops. Delete bad shots and include only the best scenes. Add special effects , music and narration. Then share your movie via the Web, e-mail, on your PC, CD or even DVD. You can also save your movie back to the DV tape in your camera to play back on a TV or on the camera itself.

hxxp://download.microsoft.com/download/WinXPHome/Install/2/WXP/EN-US/setup.exe

That is GREAT I need this to make my moms christmas present this year!! TY :D

WMMv2b is GREAT !!
the video codec is now updated to Windows Media Video 9. and also there are options to save the movie for local playeback as well, which is hell good.
there are number of visual effects, which are additions, and which weren't there in the previous versions.

looks like the final version is gonna be a hell sick one !!!