Migrating from FCP 7 to Adobe Premiere Pro

Export 'xml' from 'Final Cut Pro - 7' with version 5 and check the option box to take the outside clips.

Open 'Adobe Premiere Pro' and import the 'xml'  and reconnect the media from the sequence timeline or browser if it's offline. 

Locate the clip in your system or from your hard drive. 

When you are done editing on Premiere you can bring back the rough cut with basic transitions to FCP by exporting a 'fcp xml' in Premiere and import it in fcp from file menu - import.