First you need a good solid computer, otherwise the footage you capture will be poor quality, laggy, choppy, etc.
Next you need to decide what type of footage you want; regular SD, a step up, or HD.
With a dazzle DVC 100, which is what I used for my videos, you can get standard definition or S-Video (what I used, which is sharper image). It works well for star wars and runs anywhere from $40 - $75. You will need a few splitter cables in order to play and capture at the same time, which are a few bucks at your local Radioshack. I personally didn't see the point of audio with star wars, so I just bought one of those hybrid PS2 cords that includes regular SD and S video; I played in SD (with audio), but recorded in S video (without audio).
On the flip side, if you want something that will capture in HD, you may try a Hauppauge HD PVR, which can run from $140 - $300 depending on what model you get, but I imagine they all do the job just fine. I'm not sure how it would capture Star Wars. Although I do know it is what most people use for their CoD montages and what not.
As for editing program, you can go super basic with windows movie maker. I'm not fond of the new one as it is just weird and not as feature friendly and simple as the original. You can find the original on the net for free, you just may have to search. I think it was for XP. If you want something more on the pro side of things then you may want to try Sony Vegas which I believe is a few hundred bones.
There are other options for capturing and editing. There are several free editing programs that are good. In fact I think I used one for a video, but I forget the name. Same with the capture devices. I would say just do your research and see which one fits you in price and performance. But like I said, you will need a good solid computer, something with like at least 6GB of ram and a solid processor to get the most out of your device.
I have wanted to do something similar for awhile (more like episodic guides/tips n tricks), but can't seem to justify the time and effort and money it would take. If you can, then more power to you honestly. I always wanted to share my knowledge with others. I would say if you are going to do commentaries to practice a bit before revealing it, but to first and foremost just be yourself lol.
I'm all for you recording the clan as well.
Let me know if you have any more questions or if I wasn't clear.
