iMovie refuses 2min. 111.3Mb video

I took a burned DVD home video from a friend hoping to rework the video,
mostly 8mm homevideo from the 60s, into something better than he was
able to muster on his Pentium/XP machine.

I found software on the net to copy the .vob from DVD to my Mac and used
another third part to convert the .vob into .mov so that iMovie would
import it.

iMovie keeps telling me the video is more than 2 minutes long which it
figures is more than 2Gb. iMovie suggest that I use QuickTime Pro to
break up the video.

Anyone got any suggestion avoiding purchasing the Pro for QuickTime.

Much appreciated.