10 hour export time for 2 minute video

Hi,
I am using Premiere Pro CS3 with Windows Vista.
My laptop has 50gb of free disk space and 4gb of memory.
I have recently purchased a new Cannon camera that records video in Mov with res 1920x1080.
I have a six minute video clip that is 860mb in its original format. I am attempting to resize the video to 1280x720 whilst also altering the levels and changing the speed/duration to 220%. With this alteration to the speed the clips length is reduced to around 2 or 3 minutes long. I wish to export the video as a Mov, keeping it in its original format.
When attempting to render by hitting enter on the clip, or skipping straight to exporting, I recieve an estimated time of 10 hours to complete. The exportation seems to be going ahead but only by 1 frame every 10 or 20 seconds.
Would really appreciate any tips with where i'm going wrong with this. I'm fairly inexpiernced with premiere pro and therefore do not know if this is a problem with settings I am using or just with my computer.
Thanks Very Much
Tim

1st - the average laptop is going to be VERY slow for video editing (more below)
- Laptop Video Editing PC http://forums.adobe.com/message/4578948
- go to http://ppbm5.com/ and check the laptop results to "guesstimate" where your brand/model would place
2nd - even a fast computer may be slow, depending on the video file and with "combined" effects
More on why the "average" laptop is slow... plus, of course, the average laptop has a 5400rpm drive instead of 7200rpm
Trying to use only ONE Hard Drive for Video Editing
You are a music conductor, with a baton that you use to point to various parts of the orchestra... this is like Windows pointing to various parts of the hard drive to do Windows housekeeping or to load program segments for various functions
Now, at the same time and with the same hand... while still using the baton to conduct the orchestra... pick up a bow and play a fiddle... this would be doing something with your video file at the same time as all the other work
You as a person cannot do both at the same time with the same hand
A computer is a LITTLE better, in that it can switch from one kind of task to another very quickly... but not quickly enough for EASY video editing
You need AT LEAST two hard drives (separate drives, never a partition http://forums.adobe.com/thread/650708 for more) with Windows (or Mac OS) and software on your boot drive, and video files on a 2nd drive so the boot drive is not slowed down by trying to do everything
Partition = Crash http://forums.adobe.com/thread/957286
I find that the three drives I use work very well for me, for editing AVCHD video... some people use a 4th drive, so video INPUT files are on drive three and all OUTPUT files are on drive four... I only bought a mid-tower case instead of a full tower case (my bad... but had to fit in the space available on my office desk!) so I use the three drives that will fit
Depending on your exact hardware (motherboard brand & model AND USB2 enclosure brand & model AND external hard drive brand & model) AND the type of video file, you may... or may NOT... be able to use an external USB2 hard drive for SD (Standard Definition) video editing
Steve Grisetti in the Premiere Elements forum http://forums.adobe.com/thread/856208 and Jim Simon in the Premiere Pro forum http://forums.adobe.com/thread/856433 use USB externals for editing
A USB3 hard drive connected to a motherboard with USB3 is supposed to be fast enough for video editing (I don't have such, so don't know) but eSata DOES have a fast enough data transfer for video editing... I have not used the eSata hardware below... for reference only, YMMV and all the usual disclaimers

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