One of the hardest things about doing video assignments for class can be shooting your video. Interviews are easy because you're likely sitting and (maybe) resting the camera on something steady. But when you need other footage there's a good chance that you're shooting handheld. This is hard to do and keep your image steady.
But, if you're using iMovie '09 to edit, it's no problem. The video below shows you exactly how to stabilize your footage. One thing to remember though when you do this: it takes a LONG time to do even short clips. So keep your stabilization to a minimum. Or use a tripod.