IMovie09 crashing won't start - " lib3ivxEnc.dylib" plugin

Question

Help - iMovie 09 crashes every time I try to start it up. I think this happened after installing the latest update but not positive since I haven't opened iMovie in a few months. It was working perfectly before.
When I opened iMovie the first time after update it asked me if I wanted it to render thumbnails for iphoto movies, it cycled through that process, began optimizing movies, the hung, then crashed with the error "iMovie quit unexpectdly while using the lib3ivxENc.dylib plugin."
Now every time I try to open iMovie, it briefly displays the "Optimizing Movies" progress bar which then vanishes, i get a beachball, then iMovie hangs on Updating Project Thumbnails and then crashes with the same error.
HELP - what do I do. I can paste in the crash log if that helps.

Answer 1

Looks like this is a problem with the 3ivx codec which iMovie uses for Flip SD clips.
The easiest way to fix this would be to remove everything out of /Library/QuickTime except:
AppleIntermediateCodec.component
AppleMPEG2Codec.component
Keep those two. Then if you have Flip SD content you will need to install the latest Flip software.
If you still crash, post the full crashlog.