So, Saturday.
I load the race replay from round 1.  
Load FRAPS.
Capture Camera 1.  Take to final cut without converting via vdub or stuff like that.  It works !  Video, audio, all that lot.
So I do the other 15 cameras, at 5 or so hours of work.
Take those AVIs into Final Cut.   Good audio, NO video.  Grrr.
I reckon it was in the change to half-size.  Oh well.
But wait !
I downloaded tmpgenc (Tsunami Mpeg Encoder), and coverted them to an mpg.
Then, video, no audio.  
Took the mpg into MPEG Streamclip, and exported it to a .dv file.  
Viola !  Video AND audio !
So, in short, this means I've figured out the grunt work before I do the epic edit jobs for Round 1.
d