This is done all the time. Most of my AE work is imported either as an AE comp or as a movie rendered to a production codec into a NLE for editing. Most of the shots that I create in After Effects have handles (extra frames at the head and the tail of a shot) so they can be edited or there is room for transitions. The main purpose of AE is to create shots or short sequences. After Effects is not and was never intended to edit movies.
You also mentioned sound. After effects is just barely capable of doing some minor sound editing. If your audio track has any complexity you should learn how to use Audition to edit your sound.
Thanks for your reply. To be honest, I don't have much time to research methods, so I hope to simply compile into WMV (lower common target machine) and import into PP CC and cut together. Well, I'm a lot better with Au CC, thankfully. Not sure which codecs you are referring to. Suppose I need to know methods sometime soon.
This is a bookmark, and might be helpful for me or anyone to return to: http://ae.tutsplus.com/articles/in-depth/the-after-effects-output-module-exposed/
Oh, please don't rely on that AETUTS+ article. It is several years and versions out of date, and it was full of errors even when it was newly posted.
This is a better place to start: