If you want to burn direct to a DVD then you are well and truely out of luck as that does take a powerful processor. I use Ulead DVD MovieFactory 3 and that requires a P4 1.8Ghz (lucky as that's what I've got

) or AMD equivalent to do direct to disk transfer. You will need to capture the footage as an AVI file (4 minutes per Gb

or approx 14Gb per hour) and then convert from there. That will be slow, but should work with a P2.
To speed things up you should put as much memory as you can in the PC - 1Gb of DIMM RAM should cost under £50 so not too expensive. Also make sure you have around double the disk space required to capture the footage you want to put on to a DVD ie if captureing a 1 hour tape then you should have around 30Gb of free disk space. This sounds a lot, but with 160Gb+ HDDs available for wqell under £100 its not too bad.
Mark.
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