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iMovie works in the DV format. 1GB will store 4-5 minutes of video in the DV format. So unless you've been making 3 hour movies, something is wrong. When you import your movies into iMovie, what format are they to begin with? How did you make the movies that are on your desktop? When you say that you are running the files through iMovie, what do you mean? Are you exporting the finished product in some way?
If you are using a DV camcorder, the compression is done in the camera. The transfer into your computer is via firewire and you edit while still in the DV format. The only way that there would be any decompression is if the video files on your desktop were in a more highly compressed format (such as the DVD format).
That being said, working with video means working with VERY large files. I have two 160GB drives and one 120GB drive for my work, and it's still not enough. If you plan on doing a lot of this, then an external firewire drive would be a good idea (no wireless for hard drives).
As far as there only being 53GB left on your hard drive, remember that the operating system takes up a big chunk of space. It still seems like too much to me. You could try starting your computer from the startup disk and running Disk Utility to see if there's anything wrong. Repair permissions while you are in Disk Utility. Your computer is new, so there hasn't been much time for garbage to accumulate (though I never trust Microsoft products). You can search for files which are larger than a certain size in the finder. That will show you what's taking up all the space.
Aside from video files, I don't think you have to worry about anything else filing up your hard drive too much. Pictures, music, word doc, etc will take some space, but you should be able to go a long time before it gets filled up.
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