Edited Psd file back into wordpress theme?

I’m currently using the WPMaverick.com Theme and plugins and i’ve edited it in Photoshop, and this may seem like the newb question of all newb questions but do you extract the psd file into a certain location or do you extract each individual photo in the psd file back into the theme folder??(or export each photo)

I apologize ahead of time if this is a stupid question lol