Cant open project says it was saved in older version

Tried to open my project that I had just worked on 30 minutes before and it says that it was saved in an older version of imovie hd. I only have one version so im unsure what happend. It will not open if I hit ok, it starts loading and then gets hung up. After a couple minutes, the imovie says it is not responding. Large project due tomorrow, very stressed. Any help would be greatly appreciated.

If you don't have too many ID files to convert, I would be happy to save them out for you at no expense.
If you would like to do this, you would need to upload to dropbox.com or wikisend.com or the like and send me a Private Message witha  download link. I would then upload them to my dropbox folder and send you the download link. If you just want to discuss it, send me a PM.
Mike

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