I want to edit .vimrc file from Vim and apply them without restarting Vim.
Yes, just use the :so % command while editing your .vimrc.
If you want vim to auto-reload your configuration, you must add the following commands :
augroup myvimrchooks
au!
autocmd bufwritepost .vimrc source $MYVIMRC
augroup END
the grouping of autocommand is here to avoid "exponential" reloading if you save several times your configuration.