Unfortunately no. One cannot even directly Copy/Paste the Clips from the Timeline of one Project, into another. However, if one uses a Clipbloard Extender, like ClipMate, they CAN Copy/Paste between Projects.
You have to Share your first project as, say, DV-AVI and then load that into your new project. The FAQ has more details.
If you need the original project editable in the new, then you will need to buy Clipmate to copy and paste the originals timeline.
Insanity is hereditary, you get it from your children