I know I'm about a year late on this, but still want to put it out there in case there are people like me who finally decide to use the iMovie '11 movie trailer template and wonder if you can add photos to it.  First the back story....as a big fan of the Orlando Magic who recently joined twitter, I've been following Dwight Howard and Gilbert Arenas and have been amused by their planks.  So I decided to make a movie trailer spoof over the 4th of July weekend and what better way to do it than by using the iMovie '11 movie trailer template.  After opening up iMovie '11 and creating a new project, I decided to go with the Blockbuster theme.  I then proceeded to mess around with the Outline, Storyboard, and Shot List tabs and came to the quick conclusion that I could not add photos to the placeholder templates (Landscape, Action, Close Ups), only video.  This was a little disheartening because my entire project would be based off of photos. 

Since I mostly edit in Final Cut and am not too too familiar with iMovie, my first thought was to reword all the title screens to my preference, then export the movie into a quicktime (.mov) file [Share -> Export Movie -> HD 720p -> Export].  From there I would open up Final Cut, import that file, drop it into the time line, use the razor blade tool and replace all the placeholder templates with photos.  But after messing around some more in iMovie, I found out how to do it without having to do that workaround.  In iMovie it's as easy as [File -> Convert to Project].  Viola! 
Picture
Now you have more range to edit, like adding or deleting clips (e.g. taking out the intro), adjusting the clip duration, adding more music, sound effects, PHOTOS, more title clips, transitions, even maps, backgrounds and animatics.  Just mess around with it and have fun.  Hopefully this will get the creative juices flowing even more and not limit you to just the default Outline, Storyboard, and Shot List tabs.  And of course, you can always export the movie trailer and drop it into Final Cut for even more editing control.  Have fun!


JR


Btw, here's how my project turned out: