The instructions for multicam editing are a little vague on key details of setting it all up.
This is roughly how it works in CS3 (should be very similar in CS2, but some bells and whistles might be different):
Place base video track in a new sequence.
Place cutaway clips on a different track and line up with the base track (use markers for this - set at an event identifiable in both parallel clips).
Now the bit that isn't well documented...
Create a second (edit) sequence and add the first (source) sequence to its empty timeline.
Now right click the contents of the edit sequence timeline and look for a menu item called Multicam. Enable multicam.
Then open the Multicam monitor, where you should see four camera views (smaller|) and a larger output view.
Select the camera view (by clicking it) that you want to start from.
Play the movie using the controls inside the Multicam window and, while it is running, click on the camera of you choice as you progress through the timeline.
When done (don't be excessively fussy at this stage), close the Multicam window and return to the edit sequence, where you will see that your edit clip (the source sequence nested) is now chopped up according to your edits.
You can now use the rolling edit or other tools to fine tune the swap points.
is a video intro to CS2 multicam.
A CS3 version is at
- similar, I'm sure, but some detail will be slightly different.