Starting to Shoot HD will PC Handle in Premiere

I've just joined the 21st century by switching to HD camcorders for a project. The live production is captured from three camera angles and a sequence is created where we fade and cut between the three video tracks. I have been fine capturing in 480i and importing as .avi in previous years. When I bought my PC, I found the most affordable windows 7 64 bit machine I could find that met the recommended specs for CS6. Core i7, 900 lines, 4 GB RAM. I did not realize that the HP 8440p, will only handle a maximum of 8 GB RAM which is frustrating as I thought 64 bit OS machines would take unlimited RAM. Here are my questions for the experts.
Can I get away with 4GB RAM for 3 HD video tracks? If not, am I safe if I upgrade to the maximum 8GB RAM.
Also my Canon camcorders will capture AVCHD or MP4, should I go with MP4 to avoid taxing the system, or will AVCHD do well with 4GB RAM/ 8 GB RAM i7?
Lastly, we are still just making DVDs, but I may want a Blu Ray "print" to maybe make Blu Ray copies of the project in the future, is there a way to simultaneously cut sequences that can easily be made into DVD or Blu Ray. I've never used premiere or encore with HD assets before, so I appreciate any feedback. Thank you!

Your graphics card is limited severely in its capabilities.  A new much bigger card with more memory of its own will help considerably.
http://www.videoguys.com/Guide/E/Videoguys+DIY+10+++Our+wait+for+Thunderbolt+is+over/0x869 59ff2ee4098c3eef68b2070f368dd.aspx
The link is to the videoguys website, they are specialists in making NLE systems and their DIY guides show component kit that works.
If at some stage you wish to update your PC then take their DIY guide to your local PC shop and ask them to add motherboard, CPU, RAM and GPU to match the guide.
I am in the UK and have never used them to supply anything but their website is a mine of useful information.

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