In reply to The Lemming:
didn't you ask this already?
start with the story you are trying to tell.
watch the footage through and note the bits of the footage that help tell that story. think how you'd like to put it together and lay it out roughly to see how it flows... wait until you've got the story working before you start adding titles, transition effects and all that fluff. don't be afraid to change things around but use a different sequence for each attempt so you can always jump backwards if you don't like what you did.
use sequences inside other sequences to make your life easy. name everything properly in your assets area so you can see what each bit is quickly and easily. I split my projects into bins and keep everything as organised as possible, it saves a massive amount of faff later.
most of it is common sense really
