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The short answer is yes.
From what I can see, the TRV110 has an i-link socket. If that is the case, all you need to do is connect it to a firewire port on your PC. If you don't have one, these can be obtained fairly cheaply (£20 ish).
As you have XP, then you will already have MS Movie Maker. XP comes with version 1, but you can download version 2, which is miles better, from Microsoft free of charge. This is a good starting point and, considering it's free, is pretty good.
If you feel MS Movie Maker is not up to what you require, then you'll have to look at other software. I personally use Pinnacle Studio 8, but you'll get lots of other recommendations from people here. Probably the best thing to do would be to get hold of trial copies and see which gives you what you need and that you feel the happiest using.
If you want to view your footage on a TV in the best quality, then you will need to have a DVD/RW in your PC to create your discs.
Probably the biggest problem you may face is whether or not your PC is powerful enough to handle video editing. You don't specify the processor, but I would say that 256Mb RAM is the bare minimum you can get away with. My old PC was an Athlon 800Mhz with 256Mb ram and 60Gb Hard Disk, and it was able to cope with short videos. However, any editing of long videos (over 20 mins) with lots of transitions etc really slowed the PC down.
Hope this helps.
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