Hey thats me
The brutal truth of the matter is that you will be able to get some editing value our of the spec you have mentioned, with a little bit of upgrading. Others have already mentioned the RAM upgrade and I would personally add a second hard disk drive and a firewire card. You don't mention the OS, but make sure its XP. The others are right though, a new PC is the better solution as it will be more powerful and more likely to cope with the demands of latest release software. However if you are stuck for cash and just want to get going with your hobby then visit eBay and buy the necessary for a relatively small amount of cash. You will be able to make movies, just be prepared, as I am, to read War and Peace whilst the renders are completed.
AMD Duron 1.1 GHZ
192mb PC133 RAM (will expand to 512mb soon)
MSI MX4000-T128 - NVidia GeForce MX 4000 Chipset, 128MB DDR SDRAM, TV-out, 8x AGP
Thanks again. By the way, if the answer is buy a new computer, what should I buy...but please try to give me some feedback on my current pc, I would really apreciate it.
Incidentally my new PC arrives at the beginning of December. Hurrah hurrah!
COMPAQ something or other with 500Gb Boot Disk, 1Tb external Firewire Disk, 4Gb Memory and a super duper sound card, 19" TFT Monitor etc etc etc
Sony TRV33e : Sony TRV310e : Canon XM2
Sony Vegas Studio editions to v11
Remember, there is always more to learn than there is to teach.