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Does anyone know if there's a software application for
the PC that will allow you to draw onto a video and then
save the video.
I know VS has Painting Creator, which is a brilliant idea badly
implemented.
Basically what i need is paint program that instead of painting
onto a canvas paints onto video or something similar to powerpoint
where you can place arrows, lines etc to point things out.

Have you tried searching Google on "Rotoscoping software"? Ulead used to have Video Graphics Lab, which had Video Paint, however Corel no longer offers it for sale.

Here's one called Silhoutte Roto.
It is very expensive, and you need to have a workhorse PC to run it.

Please view:
MediaStudio/VideoStudio: Use A Video Sequence File

You can also "create movies" with
Corel Painter X

Cool 3D 3.5

Cool 3D Production Studio

VisiSketch Pro is a tool to use to create animated sketches from any image and then map the animation onto any background image.

http://www.visisketchpro.com/