Real time video special effects system and method

A user interface system and method of recording/editing a video while applying special effects in real time. The interface can be associated with an electronic device including a processor in communication with a camera and a memory unit, or can receive previously prepared video. A first speed rate of the video can be changed by modifying a frame in the video data to create a different modified video data at a modified speed rate that. This allows for continuous recording and/or displaying of video at different speed rates without altering operations or settings. The interface can include time guidelines associated with selectable speed rates, to display which speed rate setting is near a touching finger or pointing device. The guidelines can be activated automatically or can change color, shape, intensity or other property based on finger location, and can aid in object positioning in a field-of-view.