I have icloud and noticed that I also have movies, etc on my MacBookAir and running out of space. If I delete from Mac is it able to be downloaded from iCloud at a later date?
You can't store movies on icloud as you would on an external hard drive. Just use an external drive to remove data from the mac.
If you bought the movie through iTunes, you can re download it from iTunes. This is not meant to be relied on, though, as occasionally item offered in the iTunes Store can be removed.
Retrieving data ...