Rendering creates the preview -- so you can't see it while you are rendering.
Hmmm... I must have my terminology mixed up then. When I go into "Share" and am exporting the final video to something like a
WMV file, I would like to be able to see the video as it's being produced.
How can I do that?
PRE doesn't allow that either.
Insanity is hereditary, you get it from your children
This part of the editing process is normally termed Export. Until later versions of PrE, the process was often accessed from the Export menu under File>Export. In later versions, nearly all of the Export options were moved to the Share Tab, and that is why I now often refer to this operation as Export/Share. As for a preview of this process, Neale is correct that there is no Preview of this operation.
As Steve points out, the Rendering is another process, and is to provide smooth playback.
Where it gets a bit confusing, is that Export/Share is also called Transcoding, which is the process of encoding one's Timeline into a chosen format, and is the main part of the Export/Share operation, which also encompasses the final part - packaging that Transcoded file into the appropriate "container," or "wrapper," i.e. what we see as the output "format" of the file. This "wrapper" is the WMV, MPEG, AVI, MOV, etc., but the insides of those can differ wildly. For a bit of background on "wrappers," this ARTICLE might be useful. The concept of a "wrapper," or "container," is important on both ends of the editing - first on Import and then on Export. I hope that this is helpful.
Also, this ARTICLE might be useful for defining some common editing terms, and most are used in Adobe products, but please note that there can be some differences, like the above-mentioned Export/Share (Share being unique to PrE). It is also worth noting that different NLE (Non Linear Editors) will use slightly different terms, or perhaps apply them differently. There is no one perfect list of terms, that will ALWAYS apply in a universal way. AVID, might call an operation by one name, while Vegas might use another term. FCP may well call it something different. It can get very confusing.