I am looking for free or inexpensive software that I can watch video or listen to audio files and annotate what is happening as I watch. I am looking for something akin to audacity's label track but in a simpler application that also supports video.

We don't need to edit the video or audio itself. It needs to be able to run on windows 7. Also if possible to have a setting where every 20 seconds the playback pauses to allow for annotation.

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Disclaimer: Terry Schubring is CTO of Nibi Software Group, developer of nibipedia.com Have a look at our software http://nibipedia.com
If you sign in with facebook connect you can add comments or article links to the video timeline. You can join the nibipedia educators beta group on facebook if you would like to create a playlist. It may not be what you are looking for but I would like to hear your feedback.

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yeah, unfortunately this is for coding the contents of confidential interviews done in a clinical setting. – tvanover Oct 30 '09 at 23:15
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