If it did work, you'd probably only capture at 320x240 or 352x288 max or something like that. VegasVideo3 got to that point and kind of gave up with general purpose TV cards.

Now your card is more than a general purpose card. However you might want to take a look at ShowShifter.com for capture. They'll take the composite or Y/C input and either capture at MPEG-2 or if you are smart (and I'm remembering your hauppauge card spec right) you can capture at 4:2:2 MJPEG using the PICVideo codec that the showshifter.com software bundles in.

You can test much of this before you buy it. Although you may find the .SSF or AVIs built with the MJPEG codec don't load into much else until you buy it.

Unfortunately 4:2:2 from composite or Y/C isn't always great as you've already got some encoding to undo with them not being component inputs. Also these cards can pick up noise from the rest of the PC and require you use quality cables, ideally triple shielded.

However the results can still be quite impressive. Especially with frame/timing accurate sources or sources via a TBC.

If you don't use showshifter - you might experiment with what the Hauppauge tools can offer. However when I was using my Bt878 based card a few years back - this was not the best for heavy duty work. ShowShifter is good for hours at a time long form work when you don't have DV.

Now remember to enjoy the Vegas preview window when you are editing MJPEG or MPG-2!

In both the ShowShifter and hauppauge native software case - you should get 720x480, 704x480, or 768x480 (NTSC).

Premiere is just like Vegas if that is any consequence. You have to be using a card that they care for to do digital video at full D1/HD resolution. DV is the well known lowest common denominator that is very well supported.