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The hard drive on that Compaq is only 4200 rpm, that's pretty slow. I would prefer a 7200 rpm drive like the one in my Dell Inspiron 8600 laptop that I edit video with. Of course, the laptop I purchsed cost over $2150 eight months ago, so there is a definite price difference. 512 Mb of RAM runs Premiere Pro fine for me, but you can always get more. And generally one wants to use a different physical hard drive from the OS (like a 200Gb external drive connected thru firewire) to keep the video files on. Good luck!
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