I have a buddy that sells AVID video editing systems. These systems start out around 50,000 USD. They use CRTs so I dont know if LCDs will be better or not. In Computer Gaming World magazine, Loyd Case did a good article on why CRTs are better for gaming. I'm not sure if that applies to video editing,hehe.
Having said all that, yes you can use a LCD for video editing.
the Prisoner
I'm not a number, I'm a free man!