Well that all depends my friend.. on what you want to do with your movie.. To me, special effects don't make a movie.. script, plot, characterization, and editing do..

But if your looking for special effects than I'd give ParticleIllusion a try.. you can create some pretty neat effects with it.. As far as actual movie editing/creation software goes I'd try Cyberlink Power Directory.. It has numerous features and is highly rated.. I believe it costs around $70 but it's well worth it from what I've heard/read..

Other than that there's Corel Video Studio, Pinnacle Studio, and of course Nero... Actually here's a site with some of the one's I mentioned and a few more..
Video Editing Software Review 2009 - TopTenREVIEWS Hopefully that helps you out a bit..
Edit: Here's a link to ParticleIllusion as well:
http://www.wondertouch.com/ Unfortunately I doubt all of these work with Windows 7 at this point in time but I'm sure they all will sooner than later..