Conforming is done to make the audio part of your video stream editable. If you external is not an eSATA disk, you are in for a lot of grievances, hiccups and trouble with far too less space on your C drive. Improve your disk setup.
How to get the best from a PC? Some guides... and look specifically to the storage guide.
Thank you. I'll take that to heart. I also found out that I just needed to clear my media cache from the preferences to get all the space back.
I'm sure that you already know that you set up your disk locations in project tab. But a lot of people don't realize that in Edit=Preferences Media... you can tell premiere where you want media cache files to go. If all you have is your c drive and 1 external drive, I highly recommend at least one additional drive. Don't use your c drive for anything other than your os and programs..