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UPDATE: This post apparently still gets a lot of traffic via Google searches, so I’m posting this update to let you know that Apple restored a much easier method to extract audio and do b-roll in iMovie ’09. So I highly recommend you upgrade if you are suffering under iMovie ’08.
For a long time, I labored under the impression that the ability to extract audio from a video clip was non-existent in iMovie ’08. Turns out, that’s not the case. There’s a way to do it, but it’s less straightforward than in iMovie HD. Colleague Doug Lawhead turned me on to this relatively simple explanation of the process.
I still dislike the interface, but iMovie HD is buggy and not being upgraded. I’m using iMovie ’08 in the beginning multimedia class for the first time. We’ll probably be moving to Final Cut Express for our classes in the future.