Serious iMovie 8 Issues, Please Help!

I am currently heart broken with the new iMovie, 8.0. I was one of the people who had been using iMovie since it's first version, and actually liked the new version. Here's my problems.

I bought a brand new Canon HG20 Cam, which is a dream, and works great with my iMac. I shot a short film and have it edited to a little over 20 minutes, with literally a few minutes to go, and then this happened:

1. iMovie will not allow me to add any more titles to this project, it will to other projects, but not this one.

2. Anything new I do, iMovie does NOT save it.

3. I am using 8.0, tried to update to 8.02 but the installer says update not necessary, for iMovie 8.0, part of iLife '09. Which really upsets me considering thats what im using.

I'm using a new iMac with 3gb Ram and over a TB of hd space. Running OS X 10.5.6, any ideas would make me one happy mac lover.

Thanks in advance to anyone who takes the time to help me.

God Speed.

Update:

I have installed the iMovie 8 update to 8.02, iMovie has to be in it's original folder, Applications, for the update to work. And no surprise, all of my problems still remain. Update did nothing for me.