Unfortunately not. Hit up the Lacie store, STAT!

What CPU are you using? That will have to share some of the blame along with ram.

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Mac Pro Dual Core Intel 3GHz

Well I would say upgrade but you have an Apple, so you'd have to shell out for another system.

A quad core would do you better for HD editing. Also getting up to at least 8gb with the quad would be a minimum for HD. An 8 core would probably be a more solid solution with 16gb.

I am not sure how serious you are with your editing so not exactly sure if you should go for a quad or 8 core.

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Thanks for the advise cursor, but I just bought this apple, so no upgrading will happen. I'll just have to buy more RAM

You know, I mis-spoke. I have a Quad core, and I just bought 4GB more of RAM

I'm cutting 1080i HDV footage on a quad core Mac Pro too with 4GB and don't realy have any issues. How's your workflow? Are you using FCS? If so, 1 or 2? If you're using 2, I'd suggest batch cap in Pro Res so you can offline and comp everything without taxing your resources too much. Even with multi-clip with a simple Motion comp or two, my system has no issues. Then when you're done you can online the final edit in the full 1080i HDV res format through the batch re-capture mode. A lot of it will also have to do with the nature of your work and how much DI (if any) that you are doing. If you're color grading within FCS then you definitely will need more RAM and dual screens (to take full advantage of Color's built in UI functionality). If you are planning on doing any color grading then I would suggest using Magic Bullet's Colorista instead of Apple's Color(If you're still learning to grade). It's easier to get acclimated to and works like FCP's built in color wheels but on steroids!

my .02