Ahunter has asked me to help with his editing project. He has two main lines of inquiry:
1. Hardware requirements for a video editing computer.
2. Software that will let him work with a timeline where he can input footage from various sources, trim and edit the work and add up to 6 audio streams.
As we've seen from earlier posts, ahunter is working with dvd video input, made from original VHS tapes.
The hardware needed is not exotic, though a dedicated workstation would be great, it is usually way beyond budget for an amateur working with video. I would suggest a mid level computer using an Ivy Bridge i5 processor, two large hard drives in the 2tb range for working with the video and storing it, and at least 8gb of ram. You can probably get the basic setup from HP or Dell, then add ram and an extra hard drive for less than what they would charge you. It would help to know that there are extra slots on the motherboard for adding ram.
The monitor to use during production is something I am less sure about. You can use the onboard video from the Ivy Bridge cpu...lets say you are using the Intel i5 3570 processor. This works fine for most uses, but I'm not certain how critical your needs are for exact color reproduction. Most would recommend an IPS monitor. They are a lot less expensive than they were in the past, and some good ones are available from Dell and HP. The Dell U2412M is about $370. That is a 24" monitor. I've become spoiled by the large monitors, and recommend them, but there are some less expensive 22" IPS monitors available.
All that above applies if you are building a new system from scratch, or having one made by HP or Dell.
Your current system may work, if a bit slowly. Just depends on what you have. You might be able to upgrade it, or it might be so behind the times it would be better to simply start fresh.
Moving on to the software. Working with mpeg2, the Womble program I linked earlier would be an ok choice for amateur level work. Its main advantage over any free software would be its ability to cut and paste mpeg2 and only re-encode around those cuts. Smart rendering it is called.
A slightly more advanced program would be something like TMPGenc Mastering Works, or Adobe Premiere Elements (though it doesn't have as good a rep as it used to).
Professional level tools would be something on the order of Adobe Premiere, Sony Vegas or Avid.
With the software, work with the trials! Find out if it works for what you want to do before buying anything.