Well, your software is rather outdated, but I suppose you can make videos with it. Surely, it would be better if you'd have newer software, but the ones that you have can be used for AMV making. But it would be good for you to make some upgrades. Personally I suggest upgrading your Premiere first. The newer the version is, the better. Of course if you upgrade other software, it would be even better.
As for your hardware, I can say pretty much the same thing: you can do it, but it would be better if you'd upgrade. In other words - starts collecting money!
Overall - you can start making AMVs already. Here's some useful things: link
. You'll need AMVapp for encoding and stuff like that. Other then that, if you'll need any help, feel free to ask me
I don't know how much will I be able to answer, but well... I'll try. But ask via messages. Thanks for attention, bye.