Is my Dell Laptop capable of Video Rendering / Editing???

I am not familiar with that software, but as long as you are not impatient and don't care about real time editing, even slower computers shouldn't be a problem. However, be warned that if your computer is too slow for the task dumped on it, it may even take days to accomplish the task. This may not be  the case for you though.

The only problem I may see with some laptops (or even computers) is the efficiency of heat dissipation. Some laptops are not made to dissipate heat efficiently and quickly get over heated. If your laptop doesn't have this problem, it should be able to do a rendering task even if it takes hours.

One thing you can do to test your laptop is using programs like Prime95 and let it run for a few hours (for both cpu and gpu intensive tasks). If you laptop finishes without any crash/problem, then there is no reason to worry about doing video editing on it.