Note: before installing imovie on your ipad, sync tons of your photos/videos first
while watching this tutorial.
Also, please take note that after installing iMovie on your ipad 1,
you will have some issues syncing some of your photos or videos in itunes. This will popout.
When this happens, just hit on Cancel.
As for the moment, I'm figuring out a way on how to add photos/videos direct to my ipad without syncing it in itunes. For my photos, I have saved it in another applications like Dropbox, Googledocs and extract the photos from there.
Will update you on my workaround with transferring videos without buying expensive accesories later on.
For now, enjoy iMovie with your existing pictures and movies.