What version is right for me?

Dear FCP Users
I've got 100 gbs worth of footage from a Panasonic 101, and I want to put it together into a small film.
I am familar with Final Cut Pro 9 having used it whilst working as a logger. I'm wondering what version is right for me, I could try and find a version of a older cut pro version or I could just buy FCPx.
I'm only looking to,
Log footage (Convert to pro-res)
Cut it in the timeline
Use Liveword
Grade it (using magicbullet filter)
Record and edit audio
Burn it to DVD and setup for web format
I'm using a,
  Model Name:    iMac
  Processor Name:    Intel Core 2 Duo
  Processor Speed:    2 GHz
  Memory:    1 GB
Is it even fast enough to run FCP?
How different is FCPx in its usage compared to other versions of FCP?
Cheers, lots of questions, but I'm sure you can help!

Tell us about FCP 9.  Is it more like FCP 7 or FCP X?
My bad, meant final cut 7. Got confused due to reading a thread about FCPx being the equiv of FCP10, so being non the wiser, when I was told I was using the latest version I assume that it would be be FCP9.

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