Flipping bad edges is the easiest step in the Petrus method. However, it's also the hardest to wrap your mind around at first. All you need to do is look at the 7 edges that are not part of the 2x2x3. If you put them in their correct position using only the two free layers (
without breaking up the 2x2x3 block in any way for any reason), would they be correctly twisted, or would they be incorrectly twisted?
When you become more advanced, you can look at this step thusly: If our two free faces are the U and F faces...
Any edge on the U face that has the U face color facing up is good. Any edge on the U face that has the F color facing up is bad.
Any edge on the F face that has the F color facing forwards is good. Any edge on the F face that has the U color facing forwards is bad.
This might seem complicated now, but it will be very easy once you get the hang of it, and you won't even think about it. Now that you can recognize bad edges, fix them!
As for the rest of your solve time here is some good general advice:
Look ahead! Even if it means you have to go a bit slower, find the pieces you are going to use before you need them. I've found that setting a metronome to a slow pace, and doing one turn per beat forces me to look ahead. (use
http://www.metronomeonline.com/ if you don't own one).
Practice, Practice, Practice!! That is the key. Switching to a faster method does not guarantee immediate improvement. In fact, your times will probably be really high for the first week or so. However, they will never improve if don't practice enough.
Sorry if I ran a bit long there. All of the information you need on the Petrus method can be found at his site:
http://lar5.com/cube/ . If you need any more help, PM me and I will try to help you as well as I can.