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If you're looking to get into the scanning and tuning side of Corvette ownership, then you might as well do it right the first time and ditch LS1-Edit and get a far more advanced (and easier to use) package like EFILive.
As others have said, it is a software-based tuning tool for your LS1/LS6 engine's computer (PCM). For further info, visit the website of Carputing, the manufacturer.
Its a limited function, overpriced piece of software that at one time had a lock on the LS1 tuning market and gouged its users for premium dollr while never expaning its functionality. Check out HPTuners software...