Hi, Belly T,
1. There are 3 -ing things in English: a present participle, a gerund and a noun formed from a verb.
2. Basically, a consonant is doubled in order to keep the stressed syllable closed.
chat - chatting, con - conning, wet - wetted, regret - regretted
If you don't do it, the syllable will get opened and the pronunciation will change
chating: cha-ting [ei]
coning: co-ning [ou]
weted : we-ted [wi:]
So they will be just different words!