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The specifics of doing this will vary slightly with the nonlinear editing program you are using, but most good editors will give you the tools to do this…
First, lay the music tack you want to use down. Next, locate the "marker" function of your editor. Many editing programs will allow you to place reference markers into your timeline. These markers have no effect on the video or audio, they are just for the editor’s reference. Play back your audio, tapping the marker key combination in time with the beat. The resulting marker placement will tell you where you need to place a transition. For many music cuts you will probably want to choose to use every other beat, every downbeat, etc. It depends on the overall effect you are going for.
The cheapest and easiest to use editing program that can do this effectively (that I know of) is the old version of iMovie HD from Apple. The newest iMovie will not give you the control you want. iMovie HD is available from Apple as a free download if you have a Mac.
I think that Sony Vegas has a function like this as well–do some research on that before spending the money though.
Hope this helps,