Hi,
Basically, you make a duplicate project at each editing stage until you have narrowed it down to the clips that you want in your final project. Then you add your transitions, titles, and finally your music. Below is the work flow that I would use:
First place all of your videos into an iMovie project called Project #1. Then go to the Projects browser (where your projects are displayed as icons) and make a duplicate of Project #1 so you have a Project #2. (You make a duplicate by selecting the project icon and doing an Edit/Duplicate Project, or by moving your cursor over the project title and clicking on the little circle with dots in it that appears to the right of the title and clicking on Duplicate Project in the drop down menu that appears.)
Working with Project #2, play through it and delete out segments that you don't want. Do that by placing your cursor where you want to make a split and doing a Modify/Split Clip. You make a split at the in-point and another at the out-point, and then delete the segment between the two splits. Do that all through the project, splitting off and deleting segments that you don't want. After you complete your first rough editing, make a duplicate of Project #2 so that you have a Project #3.
Working with Project #3, fine tune your cuts and make adjustments until you have the video clips the way you want them. Then duplicate it to make Project #4.
Working with Project #4, add your transitions and titles. Then add you music and an over-voice clips that you may want. If you make mistakes, you can always save Project #4, make another duplicate of Project #3, and start over. When you are satisfied with your final edits, share out to your desktop the movie at the High Quality share setting to get an Mp4 video.
Making duplicates allows you to preserve your original footage and to preserve edits at each stage, so you can always go back to your earlier edits if you change your mind or want to experiment with different looks and effects. Then go back and share out the project that you are most satisfied with.
-- Rich