I got Adobe Premier Pro CS3 with the Master Collection and to be honest (in my opinion) it's not all it is cracked up to be. If you don't mind spending a bit of cash, I would recommend getting Sony Vegas 8 Pro. Admittedly it is rather pricey, but it is well worth the investment.

Vegas 8 Pro: http://www.sonycreativesoftware.com/...ct.asp?pid=457

Sony do offer home / student editions of their software. I haven't personally used any of it, but I have only heard good things about it.

Vegas Movie Studio (Platinum Edition): http://www.sonycreativesoftware.com/...ct.asp?pid=447

Vegas Movie Studio: http://www.sonycreativesoftware.com/...ct.asp?pid=446