Is it possible to import FCP7 sequences & assets from another project?

I'll preface by saying that I'm using Final Cut Pro 7.

Is it possible to import a sequences & assets from another project into a another project? I'm working on a series of promo videos for my school. I started with a sequence from a seperate project. I now have footage for three additional promos and just thought that it'd be convenient to have that earlier footage & sequence in my new/current project.

Additional questions: If I want to make only certain items in a shot black & white, with the rest in color, how would I do that? Through FCP, Color, Photoshop? If someone could at least point my in the right direction as to where to find a tutorial, I'd be greatly appreciative.