The Applications folder, its where your applications are located

Add music to the background of your movies and slideshows

Add text, titles and credits to your project

Add transitions between video and photos in your project

Add voiceover narration to your project with a microphone

Adjust the audio in your project, apply fading, ducking, change the volume and normalize sound clips

Adjust the video in your project, change the levels, brightness, contrast, saturation, white point or apply the Auto...

Take a look at how to edit your first video in iMovie '08

Import video from your FireWire video camera

Import video that is already on your computer's hard drive, or other storage medium that isn't a video camera