Generally if you transfer your videos from any camcorder, the format will be MPG and iMovie doesn't let you edit MPG files. You generally need to convert to one of the iMovie. If you are ready to spend some money, you can get quicktime pro, or buy QuickTime MPEG-2 Playback Component for Mac OS X to be able to edit your movies in iMovie.
Alternatively, you can download Videora iPod converter and convert your files to MP4 format and edit it using iMovie.
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