Quantum coherence and interference (QCI) is a phenomenon that takes place in all multi-level atomic systems interacting with multiple lasers. In this work QCI is used to create several interesting effects like lasing without inversion (LWI), controlling group velocity of light to extreme values, controlling the direction of propagation through non-linear phase matching condition and for controlling the correlations in field fluctuations. Controlling group velocity of light is very interesting because of many novel applications it can offer. One of the unsolved problems in this area is to achieve a slow and fast light which can be tuned continuously as a function of frequency. We describe a method for creation of tunable slow and fast light by controlling intensity of incident laser fields using QCI effects. Lasers are not new to the modern world but an extreme ultra-violet laser or a x-ray laser is definitely one of the most desirable technologies today. Using QCI, we describe a method to realize lasing at high frequencies by creating lasing without inversion. Role of QCI in creating correlations and anti-correlations, which are generated by vacuum fluctuations, in a three level lambda system coupled to two strong fields is discussed.