I would like to create a view where I can add tags to content I am pretty new to Drupal and have not created a module yet. I think the solution I am looking for will have to be a custom module and would like some tips on how to get started. Basically I have a content type of beverages. In that content type I have a term reference field that points to a term called featured. Basically I can check the Featured check box and that content will be displayed in a featured slider. The featured beverages need to be changed periodically. I would like to create a view that lists all of the beverages and from within the view I can change which ones are featured. Can anyone help me with at least a starting point on how to accomplish this? I am using Drupal 7
First off, if all you need is a check box on your node form which toggles something as on or off - basically, a "Featured" state in this case - using taxonomy to achieve this is overkill. All you really need is an instance of a "Boolean" field.

Second, you can use Views Bulk Operations to operate on the results of a View. Basically, you can create a View with a column of check boxes much like the default content list in Drupal core. You can check a list of items - Beverage nodes in this case - and then select an operation to apply to the items you've checked. So yes, you'd need a custom module - a fairly simple one which would define "Make Featured/Unfeatured" actions, then implement callbacks to programmatically set/unset the "Featured" values on the selected nodes. See the VBO development guide for instructions on how to implement this.