I’ve never used Riva but i
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I’ve never used Riva but if gives you the options of two pass and VBR [variable bit-rate encoding] with the On2 codec you will be good to go. [Equal to an Adobe encoder]
You do not need 3GHz for SD video and Flash. Standard Definition video and Flash don’t tax your system as hard as High Definition but there is nothing wrong with future proofing and going with a high end system IF you know you’ll be going down the road of HD in the future. If you know SD and Flash for web delivery is what you want and need then I would not build or buy a super system because you won’t need it. [My two cents]
If you have Intel’s Core 2 duo or some processor in that class you are okay.
I used a Sony Vaio laptop with an Intel 1.83 single processor and a 128 video memory card and I never ran into any trouble until I tried working with HD.
Good luck to you.
It sounds like a fun project for school. 8)