Can PDF documents be "edited"???

The dumb question of the day:  Can PDF documents be "edited"???

Background:  We use DOC1 software to generate production forms.  It outputs
postscript files, and we use GSView (aka GhostView) to view them and to
create PDFs to serve as samples for our pre-production group to signoff on
and for documentation purposes.

When it comes time to revise a form in production, we would like the
pre-production group to edit a copy of the production version PDF file.
Currently, they are editing a Word document, which does not match up well or
easily with what gets produced in DOC1.  This "revised" mockup is what the
forms group would use to create the form.

We are trying to get the point where the DOC1-produced forms serve as the
standard template for the pre-production group to work from.  Since we are
unable to edit PDF files and unaware of whether this can be done or not,
we're stuck with them editing the Word document templates.

I went to Adobe's website, figuring the standard or professional Acrobat
versions would offer a way to "edit" these documents, but the feature sets
do not directly mention this capability.  It mentions being able to create
PDFs from other sources, i.e., printing, "one-button" creates from MS Office
products, Auto-CAD, Internet Explorer, Lotus Notes, etc., but nothing
indicates that one is able to manipulate the content of PDF files.  For the
most part, we'd need to add/delete/change text.  We don't need it to edit
graphics, but need to be able to insert, delete, and move jpeg files.

Is it possible to convert a PDF to a Word document that can be edited?  The
conversion would have to produce a Word document that matches up pretty well
to the PDF.  I tried using "Copy File to Clipboard" in Acrobat Reader, then
pasting into a Word document, but I only get a graphical object.

Any ideas, guidance, advice would be greatly appreciated!

- Dan