You need no less than an AMD Athlon 64 4000+ to edit HD footage on a laptop.
If you want to edit most effectively, you would can use a laptop to store live footage while filming, but then edit at home on a Shuttle desktop since they work the best for editing in the PC market.
To answer your question, technically "yes", you CAN do it, but you will get frustrated in waiting to actually get to edit.
vip77, I have a desktop Athlon 64 3200+ 2.2 Ghz with internal and external raids.
Avid Xpress Pro HD goes really well with both 1080 and 720p 24p projects even with 2 streams, I get realtime playback. I guess Edius will be a little faster on DVCPRO-HD since it's really optimized for speed. All you need is some external raid-0 product from LaCIE or G-RAID and you're ready to go you can also add a FW800 pcmcia card for better speeds....
Your laptop kicks serious a$$ of most centrino laptop soutthere except the duo's and is not low end. The Turion is the best single core notebook-optimized processor product line in AMD's arsenal at least for now. There are of course laptops with AMD desktop procs that are (Take a look at the AMD X2 laptops from BOXX) faster , but these are really expensive machines...