MacBook Pro :: Editing IPhoto Videos In IMovie On MBP?

I used my iPhone 4 to record some video taken over a vacation in hopes of making a movie whenever I could. Today, I imported my videos from my iPhone into my Macbook Pro using iPhoto, and then iMovie automatically synced the videos just placed in iPhoto
First of all, I posted the exact same topic in the "Digital Media" section, however it's been about two weeks since, and I've received no response due to the section's user traffic, or lack thereof.

Now, my problem is that I recorded about 5-6 hours of footage and iMovie has it all in one location called "iPhoto Videos." Furthermore, whenever I click into that location (folder), iMovie lags ridiculously it's very hard for me to navigate between the various days as it's all compiled into one location/folder.

Also, I'd like to mention that I've made movies before, however they were neatly organized by date as I was able to import the footage straight to iMovie instead of iPhoto (using a digital camera with a video recording feature).