I would use s.endswith("ing") in the if, which is also a bit faster, because it doesn't create a new string for the comparision.
And second, I would use docstrings for commenting. This way, you can see your description when you do a help(yourmodule) or when you use some autodoc-tool like Sphinx to create a handbook describing your API. Example:
def verbings(s):
"""Given a string, if its length is at least 3, add 'ing' to its end.
Unless it already ends in 'ing', in which case add 'ly' instead.
If the string length is less than 3, leave it unchanged."""
# rest of the function
Third, it's often considered a bad practice to change input parameters. You can do it for dict or list parameters, which can also act as output parameters. But strings are input parameters only (that's why you have the return). The source you have written is valid of course, but is often confusing. Other languages have often a final or const keyword to avoid this confusion, but Python doesn't. So, I would recommend you, to use either a second variable result = s + "ing" and do a return result afterwards, or write return s + "ing".
The rest is perfectly fine. There are of course some constructs in Python which are shorter to write (you will learn them with the time), but they are often not so readable. Therefore I would stay with your solution.