MP3 is a compressed audio file format use store audio information. For video editing use it is one of the common formats that you are going to encounter.
It is a compressed audio recording. You are not going to hear all of the nuances of the music or audio but you will have the basic structure of what is being recorded.
Think of it like freeze dried coffee. Really compressed into a small format but when reconstituted you hear the recording in not quiet but pretty darn close quality.
Almost all video editing programs can accept audio in the .mp3 format.