Yes, your laptop with 1GB ram should be fine as long as it has a processor running at over 2Ghz (or you could wait a few hours for it to render 20 minutes of video if you have a lot of free time - and patience), laptop hard disks generally speaking are very small and slow (5400rpm versus 7200rpm on a desktop computer) video needs a large and fast hard disk (you wouldn't believe how quickly they fill up) and if you want to connect up a digital camcorder you'll need a Firewire connection DON'T USE USB! A graphics card with 128Mb of onboard memory will also speed render times up and allow you to preview transitions and effects (you need to get memory from somewhere to put a display on your screen - so instead of stealing it from systems Ram - it's better to have dedicated graphics memory).
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