You might want to try ProShow Gold, available here:
I use it on both Win98SE and WinXP and it is very good. I think you will find that it does all you ask.
I have Windows ME (still) and am considering buying software that I can make my own slideshow/videos with music, special effects, etc. Anyone have any recommendations? If so, what does the software require of your computer? Also, does anyone know of a program that will allow your videos or slides to change to the beat of music? Thanks!