In truth I think you have things backwards. The best way of achieving your goals is to do all your editing at the highest resolution you want and then simply leave it to the export to decide the final result.
In my case, I'm soon to start doping all my editing in high def and then once my edits are complete I can then export either a full high def WMV9, export an SD MPEG2 (for DVD production) or export a WMV of any resolution.
I know that doesn't really answer your question though so I'll try to do that also...
You have a couple of options I reckon. You need to start a standard SD size project on your editing platform. Then import you (low res) WMV. You can then either zoom to fit, losing quality or have the low res wmv simply play at it's native resolution in the middle of the (higher def) screen. It will have a vlack border all around it but you'll see it with no loss of quality.
Alternatively, if you acces to the original poroject that produced the wmv you have then import that into a higher res project and just re-render/export.
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