So, I got my new 24" iMac yesterday and I love it Today I decided to use iMovie HD to take some video from my minidv and turn it into a 'great movie' project.
After I uploaded the movie in to the program, it was letterboxed, and at that point I saved the project and went out for some errands. When I returned home and attemped to open the project, it said all my clips were in the trash.

1) How did this happen?
2) Can it be fixed easily without me actually having to recapture the video?

Thanks in advance!