Ah! "..as if you speak through a metal pipe.." ..!
That's "out of phase"!
(..A similar problem occurs with some Canon camcorders on long takes of more than 10 minutes: the audio gradually creeps out of sync with the picture. 12-bit - LP - audio can be particularly prone to this..)
That means that either the left or right channel is just
a fraction delayed behind the other channel, so that the peaks of the waveform on one channel coincide with the troughs on the other channel, and so the sound is "tinny", insubstantial, and "as if you speak through a metal pipe". That's exactly the right description!
The ways to fix it are, as I mentioned above, to Extract the audio from the clip(s), and then to copy the audio from one channel ..the left, say.. and paste it onto the right channel.
Unfortunately, you can't do that
within iMovie itself, because you can't work on the left and right channels separately in iMovie. So you'd have to do it in GarageBand or in Audacity.
Audacity is rather like
Sound Studio (..but Audacity is free..) ..and here's how to do that in Sound Studio ..click on 'Start Slideshow'
on this linked page to see full-size pictures..
Otherwise, use GarageBand. Or use QuickTime Pro, as described in
Dan's "Unofficial iMovie FAQ" here!
[..To get to your 'Extracted audio' you'll have to double-click on the audio clip(s) - when you've extracted the audio - to see what iMovie calls the audio; something like 'Extracted Audio 01.aiff' ..and then right-click (or Ctrl-click), in the Finder, on the name of your iMovie project and then choose 'Show Package Contents', and then look in the 'Media' folder, and that's where your extracted audio clip(s) will be. Make a copy of the clip(s) and put the copy on your Desktop - where it's not hidden away within the iMovie 'package'. You'll then have access to the audio and will be able to open it with Audacity, or some other audio editor. Otherwise, you can use GarageBand without needing to do all that copying and moving: just drag your iMovie project into GarageBand after you've extracted the audio..]