Have you tried trashing iMovie and reinstalling it with the Software Update?
You might try trashing the plist file for iMovie:
You can find it in your user/Library/Preferences/ folder
Just run a finder search for it and it will pop up.
An unrelated tip: there are lots of multi-languange pdf's in the Documentation folder for iMovie that use a fair amount of hard disk space. If you don't care about having the Chinese version of the iMovie Lessons, these can be trashed too.