I have use Canopus Edius pro 3 and now switching to Final Cut Pro but need?

Hi all
I would like to know if when you get a clip in the timeline with cut pro hd 5 can it be resized. By that i mean if starting with a 720x480 can you resize the output to stretch it to fit a bigger screen size. Think of watching hdtv show and it clips the right/left sides short of the edges because of the original broadcast and you want to resize it to stretch it to a larger screensize.

With canopus edius pro 3 you can change the layout to an oversized size in real time.

Now my question: can final cut pro 5 do the same thing in resizing the layout of the output if necessary?

Thanks up front
Mike in Everett Wa