First, when I rated a user I clicked on 5 stars and it gave the user 3. I might have incorrectly pressed the wrong place. So let's say, in case one does rate incorrectly, how does one correct their rating?
Believe you refresh and click the icon to remove rating.
Second, once I had the rating of three stars, I rated the same user with another account and pressed on 5 stars, but it kept the rating on 3 stars. There are two votes. How do you actually calculate the average?
This is a bug (also affects profilebook rating). Please see below forge ticket. Fix suggestions welcome!
forge.joomlapolis.com/issues/2492
How do I allow users to edit their votes? and how do I go and edit the existing votes?
You can't, there's no administration for votes. Simply adds a database row then calculates from those rows.