Thanks anyway man, but that wasn't it. There is a PATCH that is downloadable that fixes problems with FCP 5.1.1. I downloaded, installed, started with CAPS LOCK down, restarted with Caps up and Voila! It's all cool...!
Thanks again...
Marcus T
iCreate! digital|post
12 Core Mac Pro, Snow Leopard, FCP 7.0.3, 8Gb Memory.