A computer readable medium storing a media editing application for creating media presentations is described. The application includes a graphical user interface (GUI). The GUI has (1) a composite display area for displaying graphical representations of a set of media clips that are part of the composite presentation, (2) a navigation tool including several selectable navigation markers associated with several navigable locations in the composite presentation, and (3) a version management feature for (a) indicating whether each location has been modified, (b) providing an option to create a new version of each location, and (c) providing access to previously-saved versions of each location.