Found the problem.
I'll quickly recap the test I was doing before stating what fixed it. I had filled the 64GB SD card with random pictures, then deleted all those pictures using Finder. The idea was that, by copying all that data and deleting, I could be sure that that the unwanted video would be written over and deleted. After filling up the SD card and deleting every file using Finder the SD card appeared empty - no files could be seen in Finder or in my video camera - however, despite this, the SD card was almost completely full - having only a few MB left. My CANON video camera could only record a few seconds before the SD card was 100% full.
I continued on with my original test.
Since I had a very short video I figured I'd continue - so I placed the SD card into the slot so that the Import window in FCPX would be triggered. I was very curious to see what would now be reported in the Import window. By this point in time I knew something was amiss with the SD card - and I was expecting the Import window to see scads of files that should be deleted. That never happened. After popping the SD card into the slot of my MacBook I got the beachball in FCPX (which was normal), however instead of seeing a beach ball for 20 seconds or so - the beach ball remained for the next 8 to 10 hours before I finally forced FCPX to quit - triggering a crash report to be sent to Apple.
The next thing I did was format the corrupt SD card using my CANON video camera.
This fixed the problem.
I can pop the SD card into my computer and I only see the file I expect to see show itself in the Import window of FCPX.
In the end - it wasn't a FCPX problem.
Although, it was odd that FCPX was the only program I encountered that was able to see a corrupt video and play it - Finder couldn't see this, Terminal couldn't see this and my Canon video camera could not see this file - just FCPX.
New operating procedure - format (or initialize) the SD card regularly.
Well, that was a serious pain - but at least I have a sense of knowing what really happened and how to fix it.
David