I've heard that its a great map editor.
Lets say if I want to make a map from another game(For example Halo 2), is that possible?
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Far Cry 3's map editor is a terrain editor first and foremost, and allows you to then fill that with vegetation, wildlife, rock formations, water, etc, and pre-made structures. At a push you could remake a Halo 2 map, but it'd be very different.