If this clip is a still import and you have your default setting for stills set to 1:05 then you can't extend it unless you go back to your settings and change the default. If this is a movie clip that is only 1:05 long you will need to make it a slow motion clip to make it longer. I don't have FC open as it is on my other computer so I don't know the exact steps but if you right click on the clip and choose "speed" you can change the duration in slo mo. Hope this little bit helps, wish I could get to my other computer to give more details. Check for still import duration under "system settings" or the next option down the list under "File" or "Final Cut Pro" (I think).
Apple Certified Master Pro FCS 2