IEEE 1394 is the fastest.
There is nothing like firewire.
A Basic FireWire card should cost you less than Rs 1200 with the wire and with 3 external ports and 1 internal port.
If you use Adobe Premiere - which I personally feel is the coolest software for editing videos it would be cool.
If you are really new to video editing, I suggest that use Microsoft movie Maker which comes free with Windows XP Home and Pro; As Adobe Premire is a costly option.
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On a long enough timeline, the survival rate for everyone drops to zero
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