When I import the files to my files in Dv or Raw format my final cut pro 5 suite sees the video and plays fine but I get the Beep Beep Beep in the audio track. I see the waveform and the file plays fine in QT AND the preview window....

any clue as to what's going on or do I just need to install FCS 2...?

You need to render your audio.

Hi,
http://pro.sony.com/bbsccms/assets/files/mkt/broadcast/downloads/HDV_DV_Editing_Workflows.pdf

You need to install a plug-in into your FCP(6.0.2+) in order to import HDV/DV files from your CF card.

FCP can not import M2T HDV files without this plug-in.
For DV files (AVI or Raw), "Beep Beep Beep" never occurs if you use this plug-in !!

This is the answer from another thread http://www.dvinfo.net/conf/tapeless-video-recording-solutions/136610-sony-hvr-mrc1k-cf-recorder-2.html I don't use FCP but this is the suggestion listed there. Best Wishes!

thanks a ton people, found the plugin on Sony website, upgrading FCP and soon will be off and running!