I was just asking myself about this too.
I've found Windows Media Player to be pretty useless, it crashed alot on my PC. I'm going to try VideoPad Video Editor and see how it goes. I know OBS is good for recording, but it isn't for editing.

EDIT: I installed VideoPad, it looks good so far and everything seems pretty easy to navigate.

Get some Apowersoft software, free and stable. As long as you have Java, that is.

I think OBS might work as well, its fully free and allows you to have several layers while recording. as editing software, I'm not sure. My own pc came with Cyberlink power director (free version but still) when I bought it, and i've been using that since. Maybe you can get the free version as well

Try blender as it is free and open source.
It is highly underrated for it's video editing capabilities even though it is probably one of the most powerful editors.

I think that VideoPad is really good. There is a payed-for version, but the demo is forever. You can do lots of cool stuff with the demo anyway. You may want to check it out. Even if all you want to do is add a timer it's still worth getting. Hope this helps.

Le Link: http://www.nchsoftware.com/videopad/support.html
Just click download at the top.

Bump again.

Bump.

If you're in school still, you could always get the Adobe Creative Suite for around $20 a month with the student plan. Comes with all the different programs, like Premiere Pro, Photoshop, etc. Not free, but relatively cheap.

Windows Movie Maker! Best one out there! Only Kidding xD
I don't know any....