Am currently editing a music video for my band. Is there any way to add different filters so as to change the general look of the captured video. I want to give it a sort of hollywood / movie aura rather than look like a home video.
Yes, you can play with various effects and modify them in Movie Edit Pro and see if you get what you want. But from your description you appear to be a prime candidate for Movie Edit Pro MX Premium as that edtion includes and extra plug-in Red Giant Magic Bullet Quick Looks, which lets you very simply add various effects (Looks) to you video. Google it to see what it can do. You can choose from 100 different looks and they even use the same terminology as you do - various Video, Holywood, TV shows looks etc.
I have only very briefly played with the Premium evaluation version, but from that I have discovered at least one problem - the Quick looks are extremely slow with Movie Edit Pro. After the application of a look the preview gets very jerky with lots of dropped frames even on a fast quadcore machine with a powerful GPU. Any further work on a clip with Looks applied is painfully slow. Note that the plug-in that comes with the Premium version is not the same version of "regular" Quick Looks, but a special version made by Red Giant for Movie Edit Pro. The "regular" version is even not compable with Movie Edit Pro. So it is possible that the sloweness in Movie Edit Pro Mx is caused by the fact that for this special version GPU acceleration is not enabled (Red Giant claims GPU acceleration for real-time playback for its regular version) .