Available free space is a big deal. Also make sure that FileVault is not turned on. TimeMachine would not cause the behavior you describe when functioning normally. Couple of additional things you might want to consider:
1.) Run Disk Utility Repair Disk from the Mac OS X install disk http://support.apple.com/kb/HT1782
2.) Don't leave iMovie running for 4 hours straight. iMovie only finalizes the project database file when you quit. Quit iMovie every 30 min - 1 hour or so and then re-open. Even better, close it, run a Time Machine backup. Then re-open. This isn't a permanent solution but it will ensure you get backups of your work as you go to avoid additional frustration from lost work.
Good luck.