For basic editing, that's definitely the best way to go. Simple and fairly easy to learn. Tends to freeze if you try to do to many edits at once though, so give it some processing power and save often. I use Openshot for all video editing I do for YouTube, except for really HQ Frag Movies. For that, due to my use of the Lawena recording method, I find it best to work with Sony Vegas, which is much more advanced.
Long story short: Openshot has everything you need for basic edits. If you want to get more advanced, you'll need to purchase a professional editing software. I recommend Vegas.
Edit: You can edit Audio files and input multiple audio tracks too, so if you want to add music, it's fairly straight forward. If you want to make major edits to an Audio track, I suggest doing so separately using an audio editing specific program.