Currently, this can be done if you simply need to edit video and audio sequences without fancy titles/transitions or compositing effects. The showcase on the pitivi website can give you an idea of what can be done.
If you need more complex features, other video editors on Linux may be better suited for your particular use case at this time. Do note that Ubuntu 10.04 ships with an old version of pitivi, so you should try out the version provided by the gstreamer PPA (see the pitivi website's download section for details).
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