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“Can you edit in Vegas using clips captured with Cyberlink or Corel (or
some other lower level NLE)? Do they just open when selected, or is
there a trick to it?”
When using lower end NLE software in the PC environment, switching to use in a more prosumer/pro NLE environment will depend on your primary set of codecs. Case in point, generally if it will play in Win Media Player your pro apps should be able to work with it no prob. Same goes with Quicktime if your NLE (which it should) has support for .mov, mpeg-4 and so on files. Easiest way to check is to capture a sample clip in Cyberlink or whatever and try to open the clip in WMP or QT. If it does play you should be good to go. If it doesn’t it’s usually because you don’t have a corresponding codec on your machine or it’s just not compatible with WMP or QT. The problem with that is usually consumer editing software often does not allow for you to convert the footage to something ‘usable’ by pro NLE’s. So unless you pick up some converter software like ‘Cat mentioned, you may have to suck it up and deal with your footage as is.