I'll take up mantle as the host again. File formats don't matter, mp3 is still widely used, and I'd stick to it. Copyrighted music, well F that. If you got a live version of popular songs that aren't from an officially released album, your good. It falls under the fair use act. Editing is simple, and can be easily done with any audio editor program. GC, stick to strictly producing it (well, lack of producing, your job is just to keep everyone on track, not edit the whole thing). Run times don't matter, you can edit whole segments if you want, or even cut out all the silence.