Cool thread. I actually did the exact same thing with our home made movies from when I was in secondary school. Nothing too serious, just some snipps of where the screen was dark for too long and stuff like that, although I did crop it to 16:9, which was something I really wanted to do back then but I just didn't have the technology ;-)
I have been planning to do a super duper special edition for years but never got around to it.
If anyone wants to watch it it's here:
http://www.youtube.com/watch?v=2z9ZqwZGg6g
And the sequel is here:
http://www.youtube.com/watch?v=xNElq_Uz8to
The dialogues are mostly just Czech profanity (especially in the first one) [edit: I actually added English subs to the first one], the image quality is terrible (I only had a copy of a copy left when I did the digitalization) and there's no real story to speak of (it's our take on Alien and I only wanted to do it because I saw this documentary about how they did the Alien queen test for Aliens with garbage bags and stuff like that and I wanted to try stuff like that too, so it was all about the awesome locations and creature effects and the groundbreaking digital special FX in the sequel ;-D ). But I still find it hilarious.