Yes, I used Adobe Premiere Elements for ours.
I extracted the audio tracks from the video tracks (band members used iRig or equivalent to record the audio for their video tracks) using Audacity - you can open a video track in Audacity and it grabs the audio. I then aligned the tracks and set the levels and exported to single MP3. In Premiere Elements I again aligned the tracks using the associated audio tracks and also imported the mixed track and aligned that. I then muted the video audio tracks to be left with the mixed audio.
The only thing I did apart from altering levels on the tracks was add a bit of reverb to the vocalist's track, and some compression to the drums.
It's useful if you get everyone to tap along to a click intro to the song to help with alignment. I also had a weird issue where the guitarist's video was running at a slightly different frame rate from the others (he started in sync, but ended up about 2 seconds out by the end of the track). So I used Premiere Elements to squish his video down very slightly to keep the sync correct throughout the song.
Here's the result, FWIW