Ok, for some help from I, the dance maniac who can't play DDR, ironic ain't it?
This will help noobs who like upbeat music.
Questions need to be answered before you start...
#1. Can you listen to the song you chose for 2+ weeks STRAIGHT!? If not, don't consider making amvs, you can thank me for it later.
#2. Do you know the program you are using? Even if it's pirated, even THOSE software come with read me files. I found Adobe Premiere somewhat challenging, but once you learn how to cut/paste the "timelines", you're set to make master vids. (awesome vids that use no effects can win in conventions too you know)
#3. Story? Do you want to tell a story with your vid? If you're new, (which you are since you're reading this thread) you've chosen the "rougher" route because most songs don't follow an easily set "story" that you can trace. So if you want to try something simpler, just go for the straight lyric match. People will notice it more and if it's good, then it's good. If you want to tell a story, do it in time with the music. Each line of lyric sung, do a cut to the footage. It's "almost" like you're going by the lyric, but you're not.
#4. Effects... This has been a HUGE issue concerning a "war" between certain people. Some love them: ErMaC, Fremmerlid sisters, myself. Some don't: Zontique. Don't worry about your audience in decisions such as these. I've done videos both with and without effects and either type is loved with the right editing. I was thinking of inserting linkst to my vids here but that's not polite I guess... ^_^ If you go for effects, you have a DAUNTING task ahead of you. People "who are good" can recognize the fantastic "custom fx" and separate them from the "cheezy, skilless" canned fx. The task is to make fx in the video that look tricky and wows the audience. One vid: Odorikuruu, you can't miss it on this site.
#5. Footage type... Downloaded mpegs/divx files versus the DVD ROM rips. Obviously the latter is a must. However, if you're limited like me, don't let the "download footage sucks" syndrome affect you. I've turned up some super sexy footage using digital downloaded fansubs before. The only limit is that lip synch is out the window.

"How do I know if my digisubbed footage is good enough?" Filesize of the file is quite accurate. The first Love Hina digisubs I got were between 40-70. Translation: shitty. The subs I got for Hanaukyo Maids (10min. per episode) were in the 80s! That's some wicked compression. The best lookin' digisubs I got would be Read or Die and/or Onegai Teacher. It's about 210+ megs for a 27 mins. Episode. Then again, if you have a DVD ROM, use ur $$$ and buy some anime! ^_^
#6. The core of your video, the EDITING!
Yes, the song and anime and quality amount to

bullshit if you're editing sucks. No matter how "technically" perfect your video is, I'll vouch a LOT to insure that it's the "feel" of the video that makes it a keeper on people's hard drives. Perfect example: MexicanJunior. Time and again he puts out spectacular editing at the expense of low quality footage/sound. My recommendation: if you don't cut scenes
a: on beat with the drum/bass/instrument
b: after every 4+ seconds
you're gonna have a sleepy audience. Editing should be done in "heaps"; several cuts based on the music.
#7. THE GUIDES! The last thing that caught me as an editor were the oh-so-friendly guides provided by Phade and ErMaC and others. I use them specifically for exportation.
#8. Your questions to others here at the org. I'm sure "theme" questions may pop up: "How do I make this work with this?" or "will this song/anime work?" Go to the video suggestions forum. On rare occasions, you might be able to ask how to make an "effect" in Premiere. But there's an 8/10 chance you'll just get flamed.
#9. The style: don't ask for too much help. You won't gain a "style" of amv editing that you'll be recognizable for. There are "influences" from other amvs though. "Odorikuruu" was my ultimate driving force for amvs thus far. Many others looked to the "older" generation amv makers with Duane Johnson, another whose name escapes my memory, and the legend: Kevin Caldwell. But there's many more. This database is VAST. Check them out!
#10. Stop reading and get going! Anime music video editing shouldn't be done half-assed. "Do, or do not, there is no try..." Finish the video with what is needed. Don't blitz for an awesome intro and then fall asleep for the middle/ending.
notes and warnings: Premiere will not run too well on low end systems. Look in my a-m-v.org profile for what my system looks like. I rank it quite high for editing. My previous system was a 300MHz with 64M SDRAM! AND I STILL EDITED!!!
Nobody was shot, maimed, or otherwise injured during the making of this post, however, my fingers are somewhat hurting from all this typing. I suggest looking at videos from some of the people I suggested here, I like them, and you might too! ^_^