StarDestroyer.Net BBS

I want to do these two steps:

Take a video off of YouTube (The angry O'Reilly one, yeah I know it's cliche).
Take the video's audio and chop it up for soundbites.
Ideally, a third step would be to add various effects to the audio (He's underwater or he's speaking over a radio etc.)

What free program(s?) do I need to accomplish this? The first two steps are the vital ones. I can cope with not having the ability to play with the audio other than cutting it.

There are several sites that can save Youtube videos for you, as well as a few Firefox extensions. Googling "save youtube videos" provides quite a list of both, and I use DownloadHelper myself. Audacity would take care of the other two steps quite handily, provided you install ffmpeg and set Audacity to use it.

I'll second Audacity, and use keepvid.net or .com or whatever the hell it is to save the video, a lot of the other websites have apparently had problems since YouTube changed something or other.