" Why do you want to do it anyway ? (curiosity only makes me ask)"
Because I can't afford a real production monitor right now, and when I want to colorcorrect my footage I thought it would be nice to have a substitute (DV RACK) while I save money for a monitor.
Ahhh... So you mean using DVrack with Premiere when color correcting and not at the same time shooting...
I thought about the same thing at one point. Never tried it. You would need two computers. One for Premiere and then out to second computer with DVrack on it. Could be done in theory but not sure how effective. If you already have two computers you could try it. Guess you would have to firewire out from edit PC to DVrack PC. - A regular [but quality] TV might be just as effective.