Hey samak. Welcome to THP.
My understanding is that fermenting is just a different way to "pickle" peppers that doesn't use vinegar. Some people cook it, some blend it with other stuff later, some eat it as-is.
Endless possibilities.
Check out the thread about fermenting aji lemon peppers. I made a small fermenter out of a mason jar, a grommet, and a beer bubbler (can be ordered online, dirt cheap).
http://www.thehotpepper.com/topic/22721-fermented-aji-lemon/