To edit video, you need a minimum system in order to have a positive experience. Most software will list these requirements, but generally, these are safe assumptions (your milage may vary!):

Macintosh

• 266mhz or faster G3 or G4 processor
• 96mb RAM
• 10gb hard drive
• Firewire (IEEE1394) port (Most new Macs, except for the Beige G3's and Rev. A-D iMacs have a this standard. Check your owners manual for specifics.

Windows based PC

• 200mhz or faster Pentium 2 class processor
• 64mb RAM
• 10gb hard drive
• IEEE1394 card (FireWire, or Sony iLink port)
  

Other Hardware

• miniDV or Digital8 camcorder or deck
• FireWire, IEEE1394 or iLink cable
• Video Monitor
• Speakers

Video Storage Note: DV Footage adds up to about 4.5 minutes for every 1GB. This means that if you have 5gb free on your system's hard drive after everything is on it, you have about 22 minutes of storage. Considering the cost of hard drives these days, more is better, and generally affordable. More RAM, which has also become more affordable, can also help a sluggish system.