Yes, and so does Premiere Elements (all versions).

Adam, I really suggest you check out Premiere Elements 4, it will do 80% of what Premiere Pro CS3 will do and it has some things that Pro doesn't have.
You can't rip a DVD into a project with Premiere Pro, you can with Premiere Elements, as an example. Take a look at some of the stuff people are doing with Premiere Elements these days
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