Yep. Start a new project with the settings to match your video. How? Well, once you click new project there will be a tab labelled "custom Settings". click on that.
For the editing mode, chose Video for Windows (it's DV playback by defaul). Change the framesize etc to match (you seem to know what the settings of your video are). Then click OK in the normal way.
Alternatively, get the a DV codec and run your video through VirtualDub.
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