A simple cut in the timeline means that you are putting a cut in the video to insert a diffrent clip. When you cut, the other clips in the timeline you leave a space .

A ripple edit is whendelets the gap in an edit. You do this by right clicking and selecting ripple edit. When you ripple delete, the other clips to the right of the deleted clip move over.

Lifting and extracting are two ways to cut clips at one time. To do this, you set the end and in points and then cut in the time line panel and  you click either lift or extracting button depending on the edit you want.Lifting is like pulling a clip stright out, while extracting is like deleting and shifting the clips over, in terms of what happens to the other clips in the timeline.

This is an example of an extracting edit.  I decided to extract the two clips where I did because i felt that it gave less time of the hourse walking around and more action to the viewer of seeing the jumps.

Overlay and Insert

ForBoth f4v's:
This is an example of an overlay edit. An overlay edit places a clip over two other clips. To do this, you need to edit the clip you are placeing in and put if over a clip that you want to separate, then cut the second half of the first clip to match up on the time line. I decided to put the 2nd clip where i did because it was in a part where the rider wasnt doing any jumps and i could mix up the video by adding the on lookers reaction to the first jump.

At the end of the 2nd f4v:
The diffrence betweeen a overlay and an insert edit is an overlay is when you just put the clip over another clip and an insert is when you break up a clip and put the inserted clip in.

You would use an overlay when you want a certain effect and go by the time line, while you'd use an insert edit when you want a break in the clip. In this case the overlay is better because the break goes with the time line better when it goes over to the audience.