IMovie 11 to FCP 10.1 Is it possible to import a IMovie 11 project into FCP 10.1? I tried to Export the XML in IMovie, but when I try to import it in FCP the file is grayed out.  

For some reason apple keeps changing how this works from version to version and I'm wondering if its even possible anymore.
You should be able to send it directly to FCPX using the "Send To Final Cut Pro" menu item. Per the documentation, they say:


  Do one of the following:
  
  
  Select the project in the browser, or double-click the project to open it.
  
  
  With the project open, click anywhere in the timeline.
  
  Note:  If you can’t find the project you’re looking for, verify that the correct library is selected.
  
  
  Choose File > Send Movie To Final Cut Pro.
  
  
  Final Cut Pro X opens. A new library appears in Final Cut Pro X with the name of your iMovie library, and a new event within that library contains the movie project you sent.