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I hope that I am understanding your question properly.
You can edit some aspects of added widgets within their placement HTML. I am referring to widgets like Widgetbox and Google widgets. Sometimes it can be confusing to know where these are but you should get a clue from the code and generally some facsimile of the widget is displayed within the sitebuilder. Generally there's some mention of the name or the use of a name similar to the widget name.
If you are meaning widgets like formatting and general object positioning like text, HTML and images then once again you need to click on the edit facility of these widgets within the sitebuilder. Sometimes here the code can be very confusing to you so the easiest way often is to just delete that specific widget and add it new.