True kaare,... ..
APE2 requires at least a P4 ( sse) and more than 512m of ram.
The Sony Vegas Movie Studio+DVD costs about £70 and will run on a 800mhz system with 256m ram. It runs well and should the need for something more substantial arise One can move up to Sony Vegas itself which shares the same GUI
The reason for mentioning Premiere( elements) is that the original poster also mentioned the need for photo editing and Photoshop Elements does complement Premiere Elements.
Im not sure how slow the Photoshop elements is as I have both Versions 3 and 4 ( as well as Photoshop CS2) on the same machine on different instances of windows xp on a multi boot system. It does have a P4 3.0g spec with 1 g of ram but it is now almost 3 years old!

( Approaching retirement ??:not quite)
Niether program is slow on that system. The other is a fast(er) AMD64 3800 fx system with 1.5g ram It is fairly more youthful!
Where possible , it pays to get a system with the most grunt one can reasonably afford as even if one far exceeds the minimum specs it makes for a fluid smooth experience while editing ( either photo or video)
PS: Magix should give you a commision
In past threads relating to software for begginers it as always come up as one on the favourites but magixs marketing seems weak and people pass it as if it isnt a seriously usable sofware