Originally posted by: WESHALLPRESERVE
I just went to target and saw a 40 gig hardrive (portable!) for 180.99....I think thats what I'm going to get first.
I think I'm going to buy that DVD thing (the software that turns a CD burner into a DVD burner) if it turns out I can't burn DVD's with the computer I'm getting.

4) Load the VOB file into virtualdub, make it B&W using the inbuilt filters and save it back out in a format that Premiere (or your editor of choice) can read
Which format might that be?
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OK, first up, don't buy that software, it isn't real, it is just divx software that compresses video so that you can fit it onto a CD, it doesn't make your CD burner into a DVD burner. A DVD burner costs about US$50 so it isn't a big investment anyway.
As for formats, the best one to use for editing is a lossless format like huffyuv or similar - which is also free (it will be .avi but uses a lossless codec)
But be aware, one movie alone will weigh in at around 80GB, hence the need for a bigger drive.

40 gig portable HD (it said it can save 10 hours of highquality video. Sound good to me...180.99 around)

You can get a 160GB drive for that money, so shop around, or you can get an external HD case and put whatever normal hard disc you want in it (you just bolt it in and connect the cable - a monkey could do it) for even less.
40GB will be nowhere near enough, you will want at least 160GB - preferably 200 or 250gb, the price difference isn't huge.

Oh! BTW at Target today, I saw a box of 3 dual-layer discs for 20.00...
Is it worth it, or should I just use single layer discs. I want to put extras on them, possibly trailers, and comparisons (jpg photos possibly)

Forget about buying DL discs yet, they will only get cheaper and you literally won't be ready to burn one for months and months yet - this stuff is not quick or easy to do. Save your money and buy them when you are finished.

Your enthusiasm is to be admired, but don't get too far down the track before you start - get a PC and a big hard disc and get the DVD ripped down to a small low rez version first that is small and easy to work with. Focus on getting the story to work, work out your dialogue etc. lonf before you start doing any real work or worrying about DL discs, or trailers or extras or buying equipmet or any of that stuff.
Go over to www.doom9.org and join the forums and do a lot of reading - I wouldn't post anything there other than an introduction until you have read and learned a bit more, but everything you need to know about video and editing is over there, so sart absorbing away.

You can get a student version of premiere and AE, but adobe has 30day free trials from memory, so download those and make sure you can get your head around them before you shell out your cash. Maybe grab the "Adobe Premier classroom in a book" from your local bookshop.
And good luck! It is a lot of fun and a lot of hard work but can be very rewarding.