you will have some general problems with Vista as Vista is using a different way of folder administration that was not used in 2004 (release year of MEP 2005).
The basic functions will work also on Vista64, but if you want to avoid problems I really recommend to use a later version. 5 years are in terms of computers 2 centuries. It would not be a problem if you work with XP, but with an OS that has not been on the market at the release date, you might get some problems....
Yes, Movie Edit Pro 2005 is not Vista compatible. you may be able to get the program installed and it may work on some level, but the program will not be able to locate your burners and you may also run into other issues. Movie Edit Pro verisons that are Vista compatible: 11 (disc version only with a Vista patch), 12 and 14.