what do you mean "how to create AC3 audio"?
all you do is take your raw AIFF files and encode them to AC3, just like with AIFF to MP3.. the program you need to do this is called A. Pack, and it's supplied with DVD studio pro.
as for editing - it can't be done, to my knowledge. just keep your original AIFF, edit as necessary, and re-encode to AC3.