importing VHS home videos to imovie 8 not working

I am converting VHS home movies to digital via a Canopus Grass Valley ADVC110 Bi-Directional Analog / Digital Converter. Looks simple enough connect the tri-RCA cables to the corresponding ports between the converter and the VHS player. I connect the converter to the MacBook Pro via Fireware. I start iMovie and click on the camera icon on the left side and the converter is recognized as the "camera". I click on "Import" and a screen pops up to ask where to save and the name of the file to be saved. I click on "Import" and click "Play" on the VCR. However, the program says it is importing but nothing is happening.

Any ideas why nothing is happening? I am truly stumped. The iOS is Snow Leopard.