Yes you can do it, the following text is from youtube website Create & grow your channel.
Replace a video
You can’t replace a video because any new video you upload to YouTube will get a new URL. Instead, you can change an existing video:
Trim your video: On a computer, you can cut out the beginning, middle, or end of your video.
Add cards to your video: You can use cards to add new elements to your video. Cards can show specific websites and more.
Change your video's title and description: You can organize and change your video's title, category, description, and privacy settings.