SimplePanda
 Second Officer
Flight distance : 1719062 ft
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So, nobody really answered your question except rickleman but to elaborate on what he said:
You want to convert the .MOV or .MP4 that the Inspire gives you (native format H.264) to a ProRes 422 Intermediate file (in an MOV file). You can do this with something like MPEG Streamclip (http://www.squared5.com), which is the standard app that many use for this when working with FCP7.
Basically, take all your MP4/MOV files from the Inspire, use MPEG Streamclip to convert them to ProRes 422 MOV files (1080p resolution, square pixel of course - you can use standard ProRes 422 or you can lower to 422 LT or 422 Proxy for rough work or increase to 422 HQ for production work).
There is no audio track so you can skip that.
Those 422 files can then be pulled into Final Cut Pro 7 and you'll be able to edit them without issue. I've edited many a 1080p project on similar systems (Core 2 Duo / 4GB of RAM, etc) so you won't have any problems as long as the media is in the correct format. FCP7 just doesn't handle native/compressed camera formats properly (H.264 from the Inspire, for example) so that's your issue. Incidentally, this was all heavily refined and improved in FCPX (it will edit natively fairly well and handles automatic format conversion on demand) but all this improvement depends on increased computing and GPU compute power.
That should get you going, no issues.
FWIW even higher end / modern systems running FCPX are generally better performing when you use optimized/intermediate formats. Converting your files for editing when on anything but trivial projects (a few dozen objects or so) is really standard practice. Case in point, my home workstation is a Mac Pro with dual GPU's and 32GB of RAM and I still convert everything to optimized (ProRes 422 HQ) in FCPX for large projects because it's just a lot faster to work with and a lot easier when you start to get thousands of objects in your timeline.
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