Problem importing mpeg2

I realize that mpeg2 is a Windows (or at least a non-native-Mac) format. What I really want is to be able to first play the video from a Windows mpeg2 format and also import those files individually into iMovie to create a movie.

Will the codec here give me what I need for both decode and encode? If not, what will?

QuickTime MPEG-2 Playback Component for Mac OS X - Apple Store (U.S.)

Thanks!

EDIT: Hmm... also found this. I am fine with iMovie, no need for Final Cut. So will this 1, 2, 3a work?
Edit MPEG-2 on a Mac

edit: After reading the post again, decided to let someone who does this supply a better answer.

as the link says, MPEG Streamclip converts for free

Edit: I was wrong, I did this once - will just have to remember how I did it

Give ffmpegX a DVD, SVCD, VCD, CVD, VOB, DivX, XviD, H.264, PSP, iPod, MP4, MOV, FLV encoder for Mac OSX a go