Thanks for the advice - I have now ordered the Roxio analog to digital converter. Meanwhile I will try capturing from the VCR using the small tape adapter as you suggested. The old camcorder is a Panasonic Palmcorder model No NV-S5B. As I explained in my last post, using the term phono outputs was a slip of the tongue. You can plug in both video and audio jacks. I actually have a lot of computer experience and have used roxio products for about 9 years but am usually capturing from a modern digital camcorder rather than from an analog source. Your link to the computer spec info wasn't live and so I couldn't complete that but here is a brief rundown of the spec of my laptop.
Acer Aspire Ethos 8951G, Windows 7 Home, Intel core i7 , NVIDIA Geforce GT 555M, 8GB DDR3 memory, 1500GB HDD
Thanks again for your help.