Hey, I bought a Hi-8 camco

Hey, I bought a Hi-8 camcorder a couple of years ago, without knowing anything about videography. I later found out, how s*** they were, I was thinking of buying this:
http://www.argos.co.uk/static/Product/partNumber/5632411.htm

Basically, I just want to be able to upload stuff onto my computer, edit it and host it on YouTube with reasonable quality. Will this do it?

Thanks

P.S. I know virtually nothing about cameras, so translating to idiot language would help 🙂