It is not very professional, but... I made a time lapse effect by using a dv camera to record 5 minutes of video every hour on the hour for 8 hours a day over the course of 4 days. I took the 160 minutes of video and imported this into iMovie. I dragged all of the clips into the time-line and sped them up using the speed feature. I exported this from iMovie to a DV file. I imported this DV file into iMovie, dragged the clip into the time-line and sped it up. I repeated this export/import process until I had compressed the footage into about 2 minutes duration. Everyone who saw the final product was impressed, but there were some flaws. Unfortunately I did not use a tripod. Every time I hit the pause/record button on the camera, it shifted slightly. My subject ends up jumping around a fair bit. But it worked.