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yes

it should still be on the hard drive of the machine. the folders in finder are just really a short cut.
 
Did you actually delete the entire folder (in your user's folder), or did you just remove it from the Finder Sidebar (and see a "poof!")?
 
OP, did you delete it from the sidebar (the left side) of a Finder window, or from your Home folder? Also, was it empty or did you have projects created in iMovie or other stuff in it?
 
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