Because there don't seem to be very many download links to it anymore, I present to you:

MUGEN EDITING ENSEMBLE

Still the best all-purpose MUGEN character making tool. Throw your MCM away! MEE's got every feature you could possibly want - and if it doesn't have it, it's clearly unimportant and you suck!

Installation Instructions:
- Download one of the installers (the .exe files).
- Run it and install MEE.
- Now, download the .zip file for your OS.
- Extract this into your installed MEE folder.
- Run and enjoy.

Files:
These are ones everyone needs:
mee0388.exe - This is the main installer, but without runtimes. Unless you're certain you have the correct Visual Basic runtimes, just download the next file.
mee0388r.exe - This is the main installer, with runtimes included. Get this for a clean install.

Depending on your OS, you will need one and only one of the following.
mee039e.zip - This update zip is only for Windows 95/98/ME. It will not work properly under Windows 2000/XP. It has more features than the XP build, but nothing really noteworthy that I can remember. Extract this into your MEE folder after installing from one of the above files.
mee04e.zip - This is the Windows 2000/XP build. Unfortunetly, Ragnarok Nemo had lost some of the code for the updates to 039, so it's lacking a few of the extra features. But again, I can't remember what those were. It still rules. Extract this into your MEE folder after installing from one of the above files.