to put into suitable literary form; revise; edit. to draw up or frame (a statement, proclamation, etc.). to hide or remove (confidential parts of a text) before publication or distribution, or to examine (a text) for this purpose: The account number has been redacted from the top of the statement.
wayback is an open source java implementation of the The Internet Archive Wayback Machine. The current production version of the Wayback Machine is implemented in perl, and lacks in maintainability and extensibility. Also, the code is not open source.
Archiving in Outlook basically means that all e-mails matching the criteria for AutoArchiving are either deleted or moved to a separate .pst file. This file (usually called archive.pst) is stored on your local hard disk. The archived e-mails will be removed from your Exchange account because that's the whole point of process.