Apple Final Cut Pro 7 - Manual (Page 567)

2 Release the mouse button.
The arrow pointing
down indicates that
an overwrite edit will
be performed.
To move a clip to a new position by dragging (and do an insert edit)
1 In the Timeline, drag the clip to the new location.
2 Press and hold down the Option key (after you’ve started dragging the clip).
The pointer looks like a right arrow.
3 Release the mouse button.
The arrow pointing right
indicates that an insert
edit will be performed.
To move a clip to another track while keeping its horizontal position in a sequence
the same
1 In the Timeline, select the clip you want to move.
2 Press the Shift key while dragging it vertically to the new track.
The clip will be at the same timecode location, but on another track.
Moving Clips Numerically
When you want to move clip items precisely, you can move them by entering positive
or negative timecode values.
567 Chapter 38 Arranging Clips in the Timeline