What software do you recommend for making slow motion video?

Adobe After Effects http://www.adobe.com/products/aftereffects.html

Sony Vegas http://www.sonycreativesoftware.com/vegassoftware

Just about the best you can get let alone slow motion for anything and everything for video editing on Microsoft Windows.

Do you have 200-2000FPS video or just normal 24-30 FPS video?

The way you slow down video is changing it's playback speed.

Each bit of software has ways of doing it. Adding more info would help.

How slow are we talking?

If you don't have a camera that shoots at higher frame rates then I'd say the best you can do is get Adobe After Effects, and the the Twixtor plugin. It's regarded as the best way to do slow motion without high frame rates. It uses advanced algorithms to create new frames in between the real ones, allowing you to get some really good-looking slow-mo most of the time. After Effects does have a decent slow motion plugin built-in, but it can't touch Twixtor.

Not sure if you're willing to go all out and spend that much though haha. Hey, if you're a student you can get the Adobe Production Premium Suite for "only" $450!

With adobe aftereffects, you are able to take 30FPS video and use interpolation to slow it down and still keep a smooth look, but it wont look as good as having true high speed video.

if you are looking for high speed 300FPS footage on a budget then you can get a Casio Exilim EX-F1 though it will be overpriced for the quality you get (cost almost as much as a canon 5D which offers like 100 times the picture quality though no high speed recording).