Apple's iMovie application for iPhone and iPod Touch is set to come in a universal version with full support for the iPad, and will be released at the same time as the new tablet.
The iMovie for iPad application, which was previewed during the launch of the iPad 2, will be available for purchase from the App Store when Apple dishes out the iPad 2 on March 11th.
The app, which was demoed by Apple's head of video Randy Ubillos, is capable of editing a full-length movie, according to Apple CEO Steve Jobs.
The iPad app, similar to its OS X avatar, will be capable of supporting high definition video, multi-track audio recording and a precision editor, PC World reports.
iMovie app for iPad will also come with AirPlay support, multi-touch features and the ability to share your video content on social networking platforms.
Apple has also added three new video themes, several new background audio tracks, fifty new in-video sound effects and most importantly, video import directly from the camera. The iPad 2 will come with two cameras, one front facing and one back facing.
The app will come with a $5 price tag similar to the GarageBand app for iPad, which will also be available from the App Store on March 11th.