While digging around inside iMovie's packages while working on this hint, I noticed another hidden preference for iMovie. As with the other hint, the info is hiding in the LocalizableStrings.plist file:
...In other words, if you set this preference, you'll be able to open two iMovie windows for one project -- one to capture video from your camera, and the other to continue editing the same project.
defaults write com.apple.iMovie CaptureInModalWindow -bool no
Will allow you to capture in one window, while continuing to edit in another. Unless the computer is very fast, and the user very understanding of whats going on (e.g. don't start a bunch of renders or save a complicated project), this is a bad idea. It is completely untested. */
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Mac OS X Hints
http://hints.macworld.com/article.php?story=20060802093853196