In CS3 .replaceSource() provides the Opt/Alt drag functionality.
For previous versions, assuming your comp is active, the new footage is selected in the project window, and there is already a layer in your comp named “parent”, this should work:
var myProject = app.project;
var myComp = myProject.activeItem;
var myNewLayer = myComp.layers.add(myProject.selection[0]);
myNewLayer.threeDLayer = true;
myNewLayer.parent = myComp.layer(“parent”);
Dan