Is there a feasible way to use effects from photo booth in imovie?
Not directly from either app.
Here are a couple of alternatives you can consider:
(1) Record the clip in Photo Booth (PB) using the effect you want. Then quit PB and launch iMovie (iM.) Import a copy of the clip located in your
Home > Pictures > Photo Booth folder and named "Movie xx.mov" into iM.
(2) If you have iMovie HD (before iMovie 7.x), record a clip and add
Editing > Video FX after the clip has been recorded. These are not identical to the effects PB adds during recording, but they can approximate some of them on clips you have already made.
I suggest a short test first to determine whether you like what you can do before you record an entire project without knowing if you can approximate the effect you want.
EZ Jim
G5 DP 1.8GHz w/Mac OS X (10.5.6) PowerBook 1.67GHz (10.4.11) iBookSE 366MHz (10.3.9) External iSight