It wound up as a disk image because I created it as such---it was one of my first attempts to create a project in iMovie and, after completing it, I somehow lost it (don't ask how). I put it on my desktop so I wouldn't lose it again

. I've since done other projects, and in my most recent short "movie", utilized slow motion effects and was astounded at how much space was used in doing so, so I'm looking for ways to free-up disk space. If I do much more of this then I will definitely move those files to an external drive. Just out of curiosity, do you have a dedicated external drive for iMovie files? I ask because I currently use two external drives, one for TM and one for Carbon Cloner, to have a bootable drive which I back-up once a week. Do I need a third?
Thanks for the help.
Two is already too many. One drive can be shared with Time Machine and Carbon Copy Cloner and you can still create your iMovie projects there (if there's room).
I know they say TM will grow to "fill the disk" but I've never had this occur on the 1.5 TB (network) drive I currently use for TM backup. Here is my (somewhat overkill) setup:
1: CCC to Firewire 1TB drive (manually when I get a round tuit)
2: TM to Time Capsule external 1.5 TB USB drive (daily at 1am set by "time machine editor")
3: Photos and iMovie projects saved to same drive as #1 above and ALSO copied to a Synology DS212J with a 2 TB drive. iPhoto Library WITHOUT photos copied internally contains metadata (faces, places, etc) for about 200 GB of photos in only a 10 GB iPhoto Library.
4: crashplan backup (home folder only) to an off site server
5: downloads and other large files stored on the same drive as # 1 above and not backed up anywhere (easy enough to re-download)
6: photos and home movies (manually) backed up to smugmug in addition to the FW and NAS copies.
I would say you can NOT delete the disk image on your desktop without losing your iMovie project data. I suggest you move it to one of your existing external drives.
I see a potential flaw in your plan (if you went to only one drive). Having a CCC backup and a TM backup is a very good thing... unless they are on the same physical device. So having 2 separate USB or FW drives makes sense only from the standpoint of having more than one physical device used for backup. A better approach would be to use a NAS drive (like a LaCie Network Space series, a Time Capsule ) rather than a second USB/FW drive.
You ask if you need a third [backup]? More backups are almost always better. Another option is to take one of those USB drives and store it at a friend's house or pop it in a safety deposit box and swap it out once a month. Now you have "off site" backup that is no more than 1 month out of date.