I'm having the similar problem. My friend has a G3 800 iBook. 356megs of memory. Was working on a 9 gig imovie project in iMovie in 10.3.9.
I upgrade his laptop to Tiger and we don't think anything of the project and he doesn't patch iMovie since he doesn't have High Speed Net.
We tried to open his project, it opens, but the sound and the video is slow, the video sounds like it's underwater. I run the patch so he has iMovie 5.0.2 and still the same thing. We figure it's the laptop or Tiger and we can use the copy on my laptop.
I go back to my laptop, 1.5 GHZ, 512 meg of memory and the same thing happens when I play it on my iMovie and through my 180 gig Firewire Drive.
I've played around with the different settings in iMovie to see if the different frame rate will help or the playback options and nothing it still too slow but the sound is fine.
Am I missing something? Or is anyone else having this problem?
I'm going to go record some video just for kicks and try to edit it and see what happens.