While I could play such video you seem to want to edit such. In your post I see the OS but no editing or conversion software. What we are seeing today are consumers that thought editing software was included.
More at http://www.google.com/search?hl=en&q=Apple+Mac+OS+X+VRO+EDITING&btnG=Google+Search&aq=f&oq=
"I have not tried..."
You should try.
I have done a test video (it was finalized) file on the Panasonic camcorder and want to transfer it to the Mac for editing. I have iDVD on the Mac. There was no Mac software that came with the camera although the instruction book suggested that the camera could be used with a Mac. I tried putting the mini disc into the DVD player to download and all the file list showed was a .VRO file which I could not open. I have not tried to download directly from the camera to the computer because I have read that the USB cable process will not work but maybe firewire will. It doesn't look like there is a firewire port on this camera. I could be wrong about that. Is there some way to get the data from the camera to the computer in editable form or do I need to return the camera?
If a different camera is the answer, do you have some suggestions?