You’ve been given a FCP X project but you’re not ready to take the plunge yet. So export the clips into the NLE you would rather use.
ClipExporter takes exported FCP X projects, adds handle frames to the clips (if desired) and creates a shot folder contacting either a QT reference movie, Nuke file or Syntheyes importable file.
What I’m starting to see more and more of is situations where you get a FCP X file from a client who doesn’t realize it’s not backwards compatible with FCP 7. Even though there’s a good chance you have FCP X loaded on your machine, you may not want to continue the project with it. ClipExporter is a down and dirty way to get media out of FCP X.
But if you want a more elegant solution, check out X to 7.