First, make sure your project is saved and then quit iMovie and do a cold-start of your computer. iMovie deals with so much raw data that sometimes (in my experience anyway...) it just gets a little confused.
Second, ensure your're not at or near your HD capacity. iMovie can invisibly use gigabytes of swap pages, and the closer you are to filling your drive -- the more fragmented the available space becomes, resulting in lots of little writes instead of just a few big ones.
Third, what is your HD speed? iMovie definitely prefers at least 7200 rpm drives; if you're using it with a laptop (4200/5400 rpm) you may experience intermittent problems. And on that note, if you are using an external HD I would recommend connecting via FireWire vs. USB-2.
Fourth, what audio bit rate did you use for your original camera recording? Some cameras default to 12-bit audio, which is a no-no as it can cause audio sync problems. Stick to 16-bit and you'll be fine.
Good luck, hope this helps!
