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For a 'film look' out of video, check out www.dv2film.com.
For an old time film look, if you have After Effects you can combine the above with the Grain effect. It has some film stock presets that work pretty well.
But honestly, the best you can get is the Misfire plug-in from Magic Bullet. It's part of their Looks package, and has fully adjustable parameters such as dust, dirt, hairs, funk, gate weave, judder, both mirco and major scratches, etc. You just can't get a better product for making you project look like old film. It's not free, but honestly, between the Misfire addendum and the Looks main plug-in, your projects will come out so much better than you could ever produce without the plug-ins that you should seriously consider the purchase at some point. Once you do, you'll wonder how you ever made a video without them.
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You can roll-yer-own film flash/blowout transition pretty easily:
For the film grain/dust/junk, you could create an overlay clip in Windows Movie Maker using the built-in effects, and then export an AVI. Bring that into Premiere, and you can use various methods to superimpose the grain and dust on top of your video.
It might be a little bit of work, but you can't beat the price...
Thanks for the link to the YouTube clip - that is basically what I was looking for!
With the old film effect, I have made a MovieMake clip with both a white and black background and am trying to overlay this texture to my source clip using the Difference Matte option. It works okay, but not great.
I have also tried using the Chroma Key, but that is even worse.
Is there a certain way you would do this to achieve that effect?
Difference Matte probably won't get you what you want, at least not without some extra stacking and so on. Track Matte would be pretty much the same. Blending modes are definitely the route I'd follow, though since you're on CS3, you don't have blending modes as a "fixed" clip effect as they exist now in CS4.
However, you can access all of the standard blending modes (and then some) by using the Channel > Calculations effect. Drop it on your "grain" clip, and set the "Second Source > Second Layer" parameter to Video 1 (or whatever your background clip is using). For starters, bring the "Second Layer Opacity" up to 100% (why it starts at 0%, I can't imagine); you can adjust this later to tweak the effect. Finally, set your blending mode; depending on the nature of your "grain" clip, you'll probably use something like Darken, Multiply, Add, or Screen, but you've got something like two dozen modes to try. If the effect is close but not quite, play with the opacity settings to taste.
Hope that helps!