1. A method of dynamically creating a video composition comprising: a) recording a first real-world event as a first video clip using a video composition creation program residing on a portable device in response to a first user record input, the portable device comprising a camera lens, a processor, a memory device, and a display device that displays ah image of the first real-world event perceived by the camera lens during the recording of the first realworld event; and b) selecting a transition using the video composition creation program in response to a user transition selection input, the video composition creation program automatically combining the first video clip and the selected transition to create the video composition; and c) the video composition creation program saving the video composition on the memory device as a single file in response to a user save input.