A graphical 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. The native speed rate of the video can be changed, by modifying at least one frame in the video data to create a modified video data at a modified speed rate that is different to the native speed rate. This allows for continuous video recording from the camera or video feed 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 based on finger location, and can aid in object positioning in a field-of-view.