If you have a TV out on your video card you can "play at full screen" and record the output. If you want firewire out you would need a plug-in. I use Echo Fire. It is a plug-in for Photoshop and After Effects that allows you to view the output via firewire, but not to worry if you don't have either of those programs because it also has a function called "Screen Writer" that puts what is on your monitor out via firewire. While I have not tried it you may be able to frame serve out of VV with Satish's plug and then open it up with media player, choose "full screen" and than use the "screen Writer" to output via firewire.
Having said all of that - why would you have to render if it was a DV based, cuts only, project? I mean other than the audio (*.W64 render) if you wanted audio out as well.
Hmmm,
just have your camera connected, audio/video out of the camera connected to audio/video in in the recorder, start your project press "Preview on external monitor" in Video Preview Window and finaly play your project. Don't forget to press "Record " button on your VCR :-)
You will have to render if you have any transition/filters ect. in use. Unless you have a pretty fast computer.