hmm I see..so I think that concludes that there isn’t really a way to give us access to the original working PSD file with the video layers on using CS5 anymore.
What I did though was to import the exported image sequence from the original psd file and created a new project. Sadly, If you had adjustment layers and filters added to the video layers, its not undoable nor editable anymore. And also, if ever you might need to send the psd file and work on a different machine, it will look for the image sequence imported to that psd file. Which is a hassle for eating up additional space in a different location.
Anyway, thanks Greg for the quick response.