Which equipment for editing HD video?

What kind of equipment is needed for editing HD video. I'm not into special
effects, only cutting, like extending the sound of one shot over the next.
Title at the beginning and end. That's it.

So, how much memory is needed? Is 4GB, 8GB sufficient? What kind of
proecssor? Dual, Quad? I suppose that, to edit an hour down to 15 minutes,
500 GB should be more than sufficient?

The last time I edited film, it was on a six plate Steenbeck, one track
image, two tracks sound and that's the experience I want to reproduce: you
edit the picture, then, the synchronized sound tracks.

I took a quick look at the Lives site yesterday and pretty much all videos
were of the /experimental/ kind: one sound track with music, many layers of
images and weird effects. That's not what I'm interested in. Will Lives
satisfy my basic needs? Would Cinelerra or Kino be preferable?