Editing involves improving various elements of filmed content like sound, image, and effects. It allows creators to tell a story by correcting mistakes, making the footage look better, and creating illusions or expanding time. Specific editing techniques include establishing shots, clips, transitions like wipes and dissolves, straight cuts, and color correction. The document analyzes a scene from the movie "Hot Fuzz" where the main character arrives in a village, with a series of shots showing villagers' reactions that get faster edited together, using wipes and cross cuts between the character and his colleague.