Sounds like the problem is either the Tiger update or the Quicktime update (probably the Quicktime). I think Quicktime 6 and Panther were the best combo for FCP 4.5. Do you have another computer you can update to use with iTunes? The constant updating of Quicktime so that it works with the latest iLife updates has been a big problem for some users; if you have to maintain an older version of FCP you should really treat your system like it's preserved in amber -- don't update what's stable and working for you.
Try downgrading your Quicktime to the previous version you had; the links are in the FAQ.
JK
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SCQT! Self-contained QuickTime ? pass it on!