The contraption you talk about is a Breakout box, this was designed to work in earlier versions of Adobe Premiere (5.0,5.5 and 6.0)
The BOB (Breakout box) should be blue and have s-video, composite and audio L+R connections for in and out.
You should be able to install the Dv500, attach the BOB and then when installed with the correct Pinnacle drives/software you can capture from either firewire or the BOB using s-video or composite directly into Adobe Premiere.
Hope this helps
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