How do I open old projects in CS5?!

I just purchased a new iMac for our office. The old version of Premier (Premier 6.5) we had wouldn't run with the new OS system (10.6.4), so we've upgraded to CS5 and now none of our older projects will open... this creates a huge problem since we do a lot of 30 second tv spots for local car dealers and they tend to change only a few minor things every month. Might be the color of a car or the current incentive. So I just build off last month's commercial instead of redesigning the wheel every time... is there a way to open or import my older projects or am I pretty much screwed and have to recreate them?
thanks,
Rick

CS5 is not designed to open projects made in any version before CS3.  I doubt even Premiere Pro 2.0 projects will open or import in CS5.
Sorry, Jeff--gotta call you out on this one:
From the help docs linked above (emphasis is mine):
You can add the contents of a project made
with Premiere Pro CS3 on either Mac OS or Windows. In addition,
on Windows, you can import a project made with earlier versions
of Premiere Pro, or Premiere 6.0 or 6.5. The imported project’s clips
and sequences are added to the Project panel in a bin named after
the imported project. The bin hierarchy of the imported project
is maintained within its new bin. Discontinued transitions and effects
are not maintained. Use caution when importing a project into another
project with a different time base or audio sample rate, because
these differences may affect edit positioning and audio quality.
Importing
a project into another project is the only way to transfer its complete sequence
and clip information.
Also, you can open projects made with
Premiere Pro for Windows, including any contents that may have been
imported from earlier versions, in Premiere Pro for Mac OS.
True, the project files won't "open," per se, but at least on Windows, you can go back quite a way. I've personally imported Premiere 6.0/6.5 PC projects into CS5 without an issue.
As the last line of the quote above mentions, you can get old Premiere projects (Mac or PC I'm guessing, since it doesn't specify) into the Mac version of CS5 by routing through the Windows version. Two step, perhaps, but it's better than nothing.

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