This paper presents a fast algorithm for restoring video sequences. The proposed algorithm, as opposed to existing methods, does not consider video restoration as a sequence of image restoration problems. Rather, it treats a video sequence as a space-time volume and poses a space-time total variation regularization to enhance the smoothness of the solution. The optimization problem is solved by transforming the original unconstrained minimization problem to an equivalent constrained minimization problem. An augmented Lagrangian method is used to handle the constraints, and an alternating direction method is used to iteratively find solutions to the subproblems. The proposed algorithm has a wide range of applications, including video deblurring and denoising, video disparity refinement, and hot-air turbulence effect reduction.