Until recently, editing media like audio and video required significant computing muscle, but the iPhone has changed that. Apple has included video editing in its latest version of its snazzy smartphone. Meanwhile, a scrappy company named Retronyms is bringing audio recording and mixing to the gadget. While mixing music on an iPhone may not appear to be a serious pursuit for some, Retronyms’ FourTrack software, developed with Sonoma Wire Works, gained some notoriety last month when the rock group The 88 released a sibg recorded and initially mixed on the iPhone with the app.