You don't tell us anything about your computer system, so we don't even know if it is capable of handling AVCHD. You require at least a decent Core 2 Duo processor to be able to play AVCHD smoothly. You can edit it using SmartProxy if you have to, but anything less than a Core 2 Duo will simply not play AVCHD smoothly...
That being said, yes, with a good computer, you can edit AVCHD, and produce AVCHD hybrid discs on standard DVDs. I have produced quite a few using X2 with no problem and they play beautifully on my HDTV via my PlayStation 3. Tudo joia! And even the awful authoring module in X3 will do so (as well as burning an AVCHD hybrid folder, which is something X2 cannot do. It can only burn an actual disc.)
I suppose you realise that to play these hybrid discs, you need a Blu-Ray player which is rated to play a hybrid disc. Not all Blu-Ray players are so rated.
Boa sorte...!
