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no, iMovie doesn't do that (without plug-ins)
QT pro can fix your problem, open .dv stream, open grafix, copy grafix, switch to movie, add, open information, choose track grafix, choose backgroudn color.
transparency doesn't always work as expected in QT. The surest bet is to make a transparency mask, which is a picture file with black where you want picture and white everywhere else (or vice versa, I can never remember). Then you open your graphic, go to Movie Properties -> Video Track -> Mask and set that picture as your mask. Make sure to save your mask picture in a lossless format like tiff.