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I don't work with MPEG-1 format, but my guess is you have a demuxing issue. When a video format has the video and audio tracks multiplexed into the same track, an QuickTime 5 or laterimport (which iMovie uses) will only import the video track. You need to demux this with a program (for instance try bbDEMUX at http://sourceforge.net/projects/macbbdemux ). I'm sure there are other programs that a simple search on Google, VersionTracker or MacUpdate will give.
After demuxing, import the tracks into iMovie separately. Note that for reasons, I never understood your audio and video may not be the same length! I don't think iMovie can handle this case (Final Cut Pro I think can).
Sorry I can't help more--I'm a programmer, not a video person.
Hope this helps,
terry
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