iMovie ’11 can smoothly import video from camcorders, but with so many digital still cameras now shooting video as well, why doesn't the application recognize those clips, too? Over at Macworld, Jeff Carlson reveals how to bypass iPhoto and import movies directly into iMovie. follow link
Find Photos in iPhoto in the Finder
Looking for the file associated with a photo in iPhoto? In iPhoto, to view a photo's file in the Finder, Control-click it and choose Show File from the contextual menu that appears. You can then drag the file's icon into an Open dialog to upload it to a photo-sharing service, for instance, but whatever you do, don't move or rename that file!
Import Camera Videos Directly into iMovie ’11