I got the answer to my question while reading the Wikipedia entry on Color temperature.

http://en.wikipedia.org/wiki/Color_temperature

Here's the relevant excerpt that answers the question:

Color temperatures over 5,000K are called cool colors (bluish white), while lower color temperatures (2,700–3,000 K) are called warm colors (yellowish white through red).[1] This relation, however, is a psychological one in contrast to the physical relation implied by Wien's displacement law, according to which the spectral peak is shifted towards shorter wavelengths (resulting in a more blueish white) for higher temperatures.

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In layman terms, we call them so for the psychological association we have of blue being cool and yellow being hot.

This is so lame, and I am surprised that people are so naive as to consider this some sort of a trick.

I've been editing audio for a few years now and I've done this all the time. But it's not like it works every time. I mean, it's not even a trick. It's not like what he's saying will always work.

You normally just pick up the best parts and piece them together. It's all hard work. You really have to look for the good pieces.

Taking his own example, what if, in the first take, you started the first half of the sentence all wrong but improved the dialogue delivery as you came to the second half of the sentence. And in the second take, everything was rubbish, and then you did a third take in which the whole dialogue was delivered perfectly, and in the fourth take, which you did just to have more audio to edit from, you did the first half perfect and the second half of the sentence did not come out alright.

I mean to say that you have always look for the good pieces and move things around. This is strange. I am surprised that so many people are finding this "tip" useful. I am inclined to think they do not have much experience editing for that could be the only reason they found it "enlightening."

Thanks, Matt. Very useful.

Thank you all. I really appreciate your advise. Very sound.

I'm gainfully employed and make a decent amount of money.

I'd thought if I don't get money, I'll use whatever I already have and edit in Vegas Movie Studio on my 2 GB RAM laptop.

Really very good advise. Many, many thanks.