1. There are programs that will give you a proxy to work from (if proxy is the right word). Basically you would have a lower quailty version to work from and I believe it will read it in at least half of real time.
I asked this question a long while back and I believe Spot provided the answer I gave you above + the name of the program.
2. I would utilize hard drives to store your media. Just label them well so you will know what is on them. They are super cheap now days.
I may be way off on this but let me try. Remember for the VCR tapes they had a seperate machine that would rewind your tapes for you? I was curious if there is a seperate MiniDV player (if you will) that would play (transfer)my data while i'd be able to use the camera??
In reply to your answer to my question. If i used this program would it lessen the quality of video OR audio?
There are such things as MiniDV decks. Do a google search- there are several to choose from.
As for the software I was talking about, you would have to recapture the parts your timeline uses once it goes to render/encode the file for final output.
There are also hard drives that you can record directly to from your camera or you can hook up a camera to a laptop and record straight into Vegas. Those are some other options.