Want to re-edit our wedding video

Hi all,

So I have a terrible wedding video...Indian wedding...Indian videographer...video has cheesy Asian scene transitions (think Bollywood yet worse...like spinning cubes, Superman/Star Wars style slanted scrolling text...) I get angry every time I think about it. I dont even want to show my friends.

Fortunately, there is plenty of raw video on there to where I think I could chop it up and do a decent job.

What is the best way to go about this? Explain like I'm a 5 year old.

1. Rip the video then should I encode to a different format for editing?
2. Do I have to separate the audio and video track if I want to add music to the back ground?
3. After editing, how should I output it if I want to make it playable on a DVD player.

Thanks