Final Cut hanging with the colour wheel

running final cut pro 3
osx 10.2
g4 2x800
768 meg ram

working on a huge project with fifteen external firewire drives containing the media.

All worked fine untill the main aplication drive died

we recently reinstalled the aplication drive. since reloading the machine hangs with the spinning colour wheel for about 15 secs when you navigate the time line, open sequences, etc...

I t seems like a memory issue but all the ram shows up in osx.

Any ideas?

Thanks in advance for any feedback..

Jonas