Youtube Error " Sorry, this video cannot be edited" explained

YouTube is one of the most visited site in the world and its collection of video is simply unbelievable. For YouTube creators though, there are still something lacking and people face many difficulties with no work around so far. One of this trouble is the lack of uploader's ability to edit some videos on YouTube. For some uploaded videos you get an error like  Sorry, this video cannot be edited when you try to edit it.

The cause behind this error

1. If your video is longer than two hours, it can't be edited. You uploaded video should be less than 2 hours if you want to edit it.  
2. Videos longer than 2 hours from live events cannot be edited. This means the video you recorded during hangout or other YouTube live streaming features.  

Solution
There is no solution to this problem so far. If you have original copy, you can edit it and reupload the file. Otherwise there is no way you can trim or do other editing for videos with length greater than 2 hours on YouTube.  

On a cheerier note, we have heard that YouTube team is working on fixing this. However there is no ETA or timeline given. So, all you can do right now is to hope that it will happen soon.