ClipWrap requires video rendering in FCE4! help please
 

I just found out about ClipWrap, and brought the test clip into Final Cut Express, but the video needs to be rendered!!! Add insult to injury I can only setup an Apple Intermediate Sequence. I wanted to use Clipwrap as it's 11GB/hr vs 50GB and AIC (according to my friend who uses FCP professionally) is crap. Video is from a Canon HF s10.

I am desperately looking for a Final Cut Pro someone doesn't want so I can then buy the upgrade.

So any suggestions? These are mostly Family videos, but I am also doing Virtual rides etc so quality is important I am on a Mac Pro 2.66 Xeon 3GB RAM.