You will still be charged the listing fee even if you cancel the sale. So if you have another item to sell just click on revise and change the photo and description to the new item.

This.

There's nothing that prevents you from completely changing your listing if need be. Some people may set up a snipe for your listing, before you revise it, but unfortunately for them it's not your fault. They're welcome to come back and check the listing again and remove their snipe, costing them nothing. Don't be afraid to adjust your listing aslong as it falls within eBay's rules.

One other thing to note is eBay can take upto 24 hours to rehash your revised listing so it is searchable again. This shouldn't be a deterrent but is worth mentioning.