Building The Ultimate Video Editing Suite

PlainBlack writes "Once upon a time, I was the Chief Engineer at a small TV station, but got out of that line of work about the time that people were talking about replacing video tapes with hard drives. Now I'm looking to build myself a professional grade editing suite using only open source tools so that I can dump as much money as possible into the hardware. My question to Slashdot is, what are the best open source tools for such a suite? I'll need both video and audio editing; a bank of wipes, fades, and other effects; a great paint program; and a titler (text overlays)."