Pinnacle studio 9, sure will, its a total all out video editing program, u can just add the whole movie, then just cut, out all the commercials. you can also clean up the video if ya want. then click Make Movie, and it renders it to just about any format you wish.
I use the program constantly, with my video camera, and other things..
theres a demo on the pinnacle site, it is a large download so make sure your on highspeed.
C.R.
sXs