Anyone shoot music videos and use imovie to edit?

Hello all. I just recently bought a panasonic gs320. Its a consumer camcorder but has 3ccd and the video looks pretty good. I work with a friend who does music and I agreed to shoot some simple videos for him for youtube. I've never used imovie but I've been playing around with little clips I have of him. Now I would like to have him rap one of his songs. I have all of his music in itunes that I ripped from cd's he's given me. I should be able to go ahead and import the audio from itunes correct? Also, how difficult will it be to lay down the track and lock it in place, and add different shots of video and sync them together? For starters, he has a freestyle that he did that's about 2 minutes long. I just want to get him in a nice little setting and take different shots of him rapping. Then import the different shots in imovie and cut back and forth between different scenes. Kind of give that feeling like he had more than one camcorder filming him. Sorry for blabbing on, I just wanted to see if any of the board members have done anything like this.