P.S. Further reading has revealed that I might be rather ambitious with this and am likely to need a 8 core system with a meaty graphics card. Nevertheless if anyone can recommend a system or spec that works for them it would be really appreciated
You need an i7 CPU and AT LEAST 2 hard drives
My 3 hard drives are configured as...
1 - 320Gig Boot for Win7 64bit Pro and all program installs
2 - 320Gig data for Win7 swap file and video project files
When I create a project on #2 drive, the various work files follow,
so my boot drive is not used for the media cache folder and files
3 - 1Terabyte data for all video files... input & output files (*)
(*) for 4 drives, drive 3 all source files & drive 4 all output files
Search Microsoft to find out how to redirect your Windows swap file
At least i7-2700K, 16 GB memory, but preferably 32 GB with RED footage, at least 4 or more hard disks configured in raid0 or better, next to a decent boot disk, at least a nVidia GTX 560+ video card, and the basic PC is possibly there, provided a good gold label 850W PSU and Noctua/CoolerMaster or Prolimatech cooler and some overclocking. Remember to turm off the integrated graphics in the BIOS.
to add to the above
it depends on your workflow.
1 layer 2? 4?
1/4 picture preview, 1/2 full?
1-2 layers and 1/4 preview is fine with 2 sets raid 0 and 2600/2700 and 560/570 card 16gig ram
4 layers+ and full picture really needs dual Xeon (2.93 or better) 12 core and 8 drive raid array 24 -48 gig ram
Budget is a major issue
For a project using RED media? That's a bit incongruous.
That PC is way underspecced for RED. For that resolution, plus the fact that such footage is extremely highly compressed and extremely high resolution to begin with, you really need a dual-Xeon 12-core/24-thread workstation with 24GB or more RAM, a discrete Quadro or a very high end GeForce GPU discrete hardware RAID controller and a four-drive or larger RAID 5. The above configuration listed in your original post is woefully inadequate even for standard-definition MPEG-2 DVD because it has only one hard drive total (editing requires three or more hard drives to function properly) and because that build lacks a discrete GPU (it has only integrated graphics).
One more thing about that proposed build: It isn't the CPU that's entirely to blame; it's the poorly balanced configuration that is to put most of the blame on. That system needs a minimum of three hard drives, a GeForce GTX 560 GPU and (if working with simple AVCHD) 16GB of RAM.
So in other words, for RED you have no choice but to spend a minimum of $6,000 USD on a PC for you to even work with such hi-rez, highly compressed media at all.
By the way, why did you buy a RED camera if you're going to be left with less than $1,000 to buy or build a PC to edit with?