Import you PDS file, double click it either in the Browser window or in the Timeline window. It will open as it's own Sequence in it's own Timeline tab.
Layered PS files are acctually imported as a Sequence into FCP to maintaine all the layers.
BTW, FCP-HD is version 4.x, FCP-5 is version 5.x, there is not such thing as FCP 5 HD.
"Import you PDS file, double click it either in the Browser window or in the Timeline window. It will open as it's own Sequence in it's own Timeline tab."
yeah that part is not happening. it just opens a still.