OK if you are on a Mac then just use the iMovie or if you want something more advanced then Final Cut and some thing even more advanced then Final Cut Pro.
If you are on a PC and you don't want to spend money at all and want something for sup basic stuff then go for Windows Movie Maker(free with WinXP). Download version 2. Its an update. though I wouldn't want to use this.
If you don't mind spending and want a good software then I say that you go for Cyberlink PowerDirector. It's website is www.cyberlink.com
As for Win Movie Maker well you know its an old product and Microsoft made it which means it should most probably suck. So I wouldn't use it at all if I were in your place.
Ok, I have the fire wire and the cable to hook my ZR 500 up to my computer, now what software do you guys recommend I use to pull the video onto my computer?