You can make animations using Windows Movie Maker, the minimum frame duration is 0.125, you can set that in the Options by pressing the spin buttons before loading the frames. You can also zoom in and drag the duration down.

I found the limitation with Movie maker was when I wanted to add lots of sound tracks, the video did not cause a problem.

I've been rendering short sections of movies from Carrara, converting the AVI into a WMV using a convertion tool and then using Premiere Elements 3 which I bought for about £60.