One of the features that are unique to Common Lisp that is frequently mentioned is that of the "hot" debug. That is, it is the ability to debug, edit and recompile the production code without stopping or taking the latter off line.
While I see this mentioned all the time, I have yet to see a tutorial on how to do it.
How does one do it in, say, Emacs? Are there some simple examples? Is the feature truly as magical as it seems?