I installed a new hard drive and trying to reinstall FCP2 and on the install disc i get the following message - "You can't open the application FC Studio.mpkg because power PC applications are no longer supported"

Because you are running lion.. FCS 6 is a Power PC app and Lion doesn't support Power PC anymore.. So you can't install it.. Three options..

1. Revert back to Snow Leopard.

2. Purchase FCP X...

if you can't stand FCP X

3. Call apple directly, 1800-MYAPPLE and ask to purachse FCS 3 for $999... (its FCP 7)

I just got FCS 3 today through apple phone sales..

The FCS2 Installer is Power PC based.

The apps in the suite are Universal Binaries and run on both PPC and Intel.

All the OP needs to do is install Rosetta from a Mac OS X 10.6 disc, then it will work.

This issue has been discussed here several times. I have also used this method and it works.