Quote:The quility will only be as good as the quilty video of the source file. So if you have a low quility source file then that is what your stuck with.
Yeah, the only thing you can do is edit. For audio, all I can think of is noise reduction and adding effects or changing tempo, pitch, etc... For video, you have more choices since this is visual, like sharpness, noise, smoothing, etc...
I know Sony Vegas has a plugin for Audio noise reduction. I have only seen an easy to use video noise reduction in TMPGEnc. Sony Vegas has some other video editing features. It is also possible that Mainconcept Encoder (also included in Sony Vegas) can make video look better, but that one has some very advanced settings...
Maybe with Mainconcept EVE it is easier, but I did not test this software out.
However, just like it has been said before, you can only get as good as your source. Other than that, you can only make stuff "look" or "sound" better, but you cannot improve on actaul quality. Also, editing is something that is harder to do correctly and requires more expensive software/hardware.
Which means if you're a newbie with no experience, don't try this at home. ;) That is unless you don't mind spending some bucks and a lot of time. Look at what it takes to remaster those old movies.
I've got all the old Sherlock Holmes on DVD (Basil Rathbone & Nigel Bruce, simply marvellous!), it took them the best part of 10 years to re-master 14 1 hr-ish episodes!