Don't get After Effects for just video editing. AE is mainly really good for special effects and color and stuff like that (Think of it as a "Photoshop", but for videos). I you want a "Cut-and-Drop"-type software, I'm gonna break it down for you:
MAC:
If you are a Mac user (Which I highly suggest if video editing is something that you're doing as a current or future carrer), then there's the Adobe Production Suites. It comes with Premire (An amazing editing software in my opinion) and After Effects (Which is really good for motion tracking, color correction, and things like that). Plus, with Adobe dynamic link, you can work seamlessly between the two and it's just a beautiful thing.
But, if you're not willing to spend a CRAP-TON of money, get final cut pro. Not Final Cut X, but the latest one before that. Final Cut Pro usually runs for around $300, but its probably less now. You get really easy, professional, editing software without hurting your wallet too bad. Sure, its not the best editing software around, but you can't rely on an editing software to just produce masterpieces on their own. Heck, give a great filmaker a Flip Camera and Windows Movie Maker and he'll still probably make something great. (At least he'll get something better out of that equipment than an amatuer would get out of a dslr and a nice, shiny editing software).
WINDOWS:
There's really only one software that does really well on Windows, and thats Sony Vegas. There are a lot of versions, (Movie Studio HD, Movie Studio Platinum, Movie Studion Production Suite, and Pro). I think its probably the easiest software out there that you can get, and it isn't very limited at all. I'm not going to break down each individual software right now, but the cheapest is about $50 and the most expensive is about $400. So, depending on your budget and how much editing you'll really do and what your needs are, the product you'll get will vary.
So those are, in my opinion, the best editing softwares for both Mac and Windows computers. Hopefully I was helpful.
And for the camera, I'm with both Rick and Josh on this one, save your money, get either a 60D or a T3i, depending on what you really need. If you're going to be doing magic, cardistry, vlogs, or anything that you'd want to be in front of the camera for, they are much more useful than a 7D. Most DSLR cameras that are around the same price have very similar picture and video quality, so you really wouldn't be losing much if you go with a different camera. So I suggest that you go out to your nearest Best Buy or camera store and try them all out for yourself to get a feel for what is best for you.