Video is a collection of bit-mapped images played back quickly to create the illusion of movement. It is made up of individual frames captured at a standard rate of 25 frames per second. Video can be captured using devices like digital video cameras, webcams, or specialized video capture cards and stored using formats like AVI or compressed using lossy formats like MPEG which reduce file size. Video editing involves arranging and trimming clips, applying transitions between scenes, and setting the final sequence.