Hi ScottParky and welcome to the money pit

. Stick around and we'll help you spend every penny you have - and a few more aswell
Memory cards support on a camcorder is for recording of still pictures and sometimes they can also record low quality short video. The only way to get the best from the cam is to record to tape.
I would not expect the cam to be supplied with any video editing software (might be wrong as I have not checked) but it will be very basic if it has. Supplied software is normally for capture of stills from memory cards and perhaps webcam use. If you want to make your own DVD's from the camcorder (and have a DVD writer installed on the PC) then I would recommend Ulead DVD MovieFactory 2. This will also create (S)VCD's if you do not have a DVD writer. Very good easy to use prog that will also edit your video.
Get the best price for the cam by doing an internet search. Once you have a good price get down to a local Jessops and actually play with the cam as this is the only way to tell if you really like it or not. If you do then show Jessops the details of the best price and they will pricematch for you.
Right thats my 2 pennies worth. All you need to do now is sit back and wait for an expert or 2. I'm sure theres a couple around here somewhere
Good luck,
Mark.