Quote: "After you have gone through the Import 3D Model wizard, is there a way to edit the D object without having to reimport it?"
Yes but not in the editor. The models are stored in your entitybank folder (be sure to organize it properly, you will accumulate a ton of props over time). Here you will find your original .x (or .fbx) file and a .dbo file. Delete the dbo file and you can edit the .x mesh with your 3d software. The engine will automatically generate the .dbo file once you drop the entity on a map in the editor.
Quote: "Also when these are imported where are they saved to the hard drive?"
files/entitybank (anywhere else will not work!)
Quote: "are the objects linked to the original files where you imported them or are they copied over to a directory managed by game guru?"
See above.