Can one edit a 360 degree video into a traditional video? I just ordered a Theta S which should be released by the 30th of this month. I can not wait to start recording 360 videos.

My question is, can I edit a 360 video into one of my non 360 videos? Just like if I were to record a video and cut to a time lapse and then back to the normal video, can I cut to a 360 video and then back to the normal video?

I am not sure if it is possible as I know there is different encoding etc, but I am yet to find an answer.
I don't think there's any currently way to combine 360 playback and normal non-360 playback into a single player.

More generally, you can convert between rectilinear 360 videos and normal video.  The issue you will have is quality, because the resolution of the Ricoh Theta S is maximum 1920x1080 pixels.  This is HD spec for a normal video, but don't forget that the pixels are being used to cover the whole of a 360 sphere.  When you convert back to "normal" video, I assume you will only want a small portion of that sphere, otherwise the image will be very distorted.  

If you're making SD videos, the quality should be reasonable, depending on how much of the viewing sphere you want to use.  

You can convert between rectilinear and normal videos using something like Skybox in After Effects.  (There are many other ways to do this, but this is the one I have used successfully).