iMovie clips

[catch-me-first.livejournal.com]

Hi, I hope somebody here will be able to help me out....
I recently bought an Apple iBook and am using iMovie HD to edit video clips (obtained via Limewire). I had a problem extracting the audio from the videos when in iMovie, turned out it was because the clips were MPEG demuxed, so I got an Extractor application and managed to convert the audio tracks into mp3 through iTunes. In iMovie, I then imported the mp3 underneath the video. I've been cutting my clips by "splitting at playhead" for both the video and the audio. My problem is, I want to be able to use the clips I've cut in other projects, but whenever I try to copy one of the cut clips and paste it into a new project (or a folder on the computer) it pastes the entire thing (ie 40 minutes of sound or video when the clip should only be 20 secs). Is there something I'm missing? Also, I keep reading that when you create an iMovie project it should automatically create a Media folder which holds all your clips, but that's not happening for me.
Would be so grateful if someone can clear things up for me.