Hi Andrewandrew
Just tried to reply to your other post but must have clashed as I couldn't upload.
My comment is that using the earlier version (2.41) I have never experienced your 1-2 hour "Building Preview" problem and my hardware is similar to your own. When simply splitting or adding/inserting clips there should be virtually no delay.
For example, I have just completed a 30 min DVD of around 150 short clips cut and adjusted to fit a musical soundtrack and with numerous transitions. Apart from when adjusting the title overlay (when "Building Preview" appeared for 10 seconds or so,) I experienced no delays at all. In fact in many ways I prefer V2.41 to version 3.01/2 which, to be fair, I have only tested with short (3-5 min) trial videos to see how the various functions differed.
If there is this delay just for a simple insert or split or transition and things remain unusable until VP has created your alteration then something is definitely wrong.
However, if are you refering to 1-2 hours to render your finished movie, then it may well take 2 hours or more for a 45min film to be converted to a completed avi.
I suggest you try the earlier version to see if the problem persists, then at least you will know if it is the program version or your hardware.
Nat