Easiest way to narrate video with freeze frames etc.? I currently have a bit of experience with Premiere Pro and Windows Movie Maker. What I'm looking for is a way to basically narrate a video in real time and pause it (hold the frame) whenever I want while narrating my way through it.

Example: 
                
            

How is he manipulating the video while seemlessly narrating in real time like that?
Thats not how you do it, you record a text and time your video cuts based on your voice over. Unless you stream live you dont do live editing while you do a voice over, its very impractical and makes your live a lot harder as you will not record a 5+ minute text in a single take and you will have to do everything over and over again instead of editing your video once.