Editing a style live in Chrome / Chromium depends on the source of the style and what exactly you need to do with it (the level of editing).
Open the Developer Tools console, then expand the Styles drop-down. From here, there are a few changes you can make.
Edit a style (or selector) directly by double-clicking it and making a change.
Toggle styles on or off by hovering the cursor over a block of styles.
Edit inline styles the same as with [1]
You can also view the source of a given style (eg CSS file, line of inline style in HTML, etc.) [4] and clicking it will bring you to the file in the resource view or line in the DOM inspector. Styles that are crossed out have been overridden, the final style can be viewed by looking at the Computed Style.
You do not say what browser you are in, but if this is chrome, the answer is yes.
After you have selected an element, right click and choose "edit HTML"
However, please note that this will not save the website or anything else, it just edits your local copy. If you refresh the page, it will go back to how it was.
Best Answer
You have to add a folder to the workspace and then you will be able to save the files to that folder.
You can see here exactly how to do it.