Will I lose my old project files etc with upgrading to FCP 2

Hi
I think after upgrading to Leopard with FCP Studio 1 not able to use compressor or DVD Studio Pro to burn. I think I need to upgrade to Studio 2 as my only logical answer without major problems. If I upgrade from 5.0.1 PowerPC version to Studio 2 will my old projects be moved over to upgrade no problem?
Thanks
Jason

Thanks for the reply guys! Do any of you see another solution to the problem of leopard and using the older apps? I guess it is better to start new after installing leopard. Lastly do I need to trash the old FCP 1 before install of FCP 2 or does it just upgrade it?
Thanks Jason

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