What Dolby said.
First off, if you have a second computer for recording and or streaming it will save you a lot of irritation. If you would rather record on the same machine that you play on then you may have to accept a slightly poorer quality.
Loilo is free and has the lowest performance loss of any method of "same machine" recording.
http://loilo.tv/us/product/game_recorderSo is the Aces High film viewer, and in many cases the film viewer is the best way to get camera shots that you cannot get in any other way. For me, the film viewer is a pain to deal with. I would rather set up a scene with live actors and have them perform the shot online. If you know people willing to do that for you, then very good.
The cheapest type capture card that is capable for 1080p60 (1920x1080 @ 60fps) is the Elgato Game Capture HD60, which runs best in a second computer. To get that to work you mirror your game play system to a second monitor (the Elgato will report to your GPU that it is a monitor running at 1080p60). For the best performance you want to make sure you hold a minimum of 60fps, otherwise the audio will not run synchronous with your video. You can fix this if you know how to edit audio and video separately.
The best editing software comes from Adobe. I use their entire suite (After Effects, Illustrator, Audition, Bridge, Encore (for burning DVDs), Media Encoder (for encoding to YouTube), Photoshop, and Premiere Pro. You can try it (Creative Cloud) free for 30 days too, I think. Adobe runs specials often, too.
You can spend more for better hardware, professional switching, etc., but this is all you really need to do anything (and I mean ANYTHING) you might want to do in AH.
I play on a gaming system, record to a dedicated recording system, move the video to a system with Adobe on it, and then edit from there. Usually the process is to import the video to Premiere where I add things like title graphics, connect to Audition for processing ('sweetening' and noise reduction) which automatically reinserts the audio properly, and then save the result as a Premiere project. Media Encoder can then take the project and compress it to best suit the YouTube settings, at which point it is just a matter of uploading.
