if you are talking about transfering audio and video, not just audio, you'll need (for minimal buget type work)
a little bit more ram, 256 be adequate.. cheap right now
PLENTY of fast hard disk space..also cheap right now
3 minutes 8 seconds video = 650 MB,
5 minutes @ 1 GB
a digitizer... options
1)an AGP card with a video input (not usually high quality), I have a ELSA Victory Erazor, more significant is it came bundled with Main Actor, worth the price of the card.
2) an exterior (usually USB) digitizer.. the Dazzle box works and has good reviews, no experience myself
3) a DV cam and a firewire input on the computer, built in or on a cheap PCI card (this is more expensive, but gives you a DV cam inthe deal, run the VCR to the DVcam and the DVcam to the CPU)
Most anything sold w/ a digitzer comes with some sort of cature and editing software. Top line stuff is not nescessary tho windows "built in" editor is junk. Main Actor works fine and is way cheaper than Premiere (I have both).
The codecs will make a big difference, you have to know all the types.
expect to wait a serious amount of time for the video to "render" to the final format, minutes to the second possibly. Some codecs take forever and some don't.
make sure you have a high enough cpu type to match the recommendations of the card etc