Extended gives you some of this. However. Photoshop CS3 Extended is not nor do I think it ever will be a replacement for video editing software. It is more of a creative option for doing this with each frame of your video and not a way to cut it up, add music, titles and things like. Though doing titles is possible, if not more time consuming.
Robert
Hi Chris,
From what I conclude in reviewing the features of PS CS3 Extended, the support of video files appears to be a limited set of what I’d call "multi-frame image editing", but not video editing in a more conventional sense. That is, nothing suggests any sort of linear editing or multi-track editing support. Movie Paint provides for "painting, adding text, and cloning over multiple freames of an imported video sequence." Support of Video layers seems oriented toward improving image quality and color range. For multi-track, linear editing, you’ll need dedicated video editing software such as Premiere Pro or Premiere Elements.
Regards,
Daryl