Well, past 5.5.x certainly so, while you are at it, why not upgrade to the MC for the $495 price. Quite a bargain.
Do you really want to know what's wrong...or do you just want me to fix it?
FCP2Avid
I believe you'll see Import...P2 on the File menu in 5.6.4. That will allow you to do a standard HD project using P2.
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