The video editing labs in my university have Final Cut Pro 7 installed on them, and most projects that we work on are done in FCP. I don't have a Macbook so I personally use Adobe Premiere Pro CS4 instead for my projects. Is there any way to transfer project files back and forth between the two software?
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Yes, in Premiere Pro, you can export to Final Cut XML. In Final Cut 7, you can export into an XML as well. Then you can import the XML files into each program.
The only problem is that Premiere on windows uses the AVI wrapper, and Final Cut 7 uses Quicktime. It might work going from Final Cut to Premiere. But going back into Final Cut probably will not work, as Final Cut does not like AVI. Also, the file paths will be different (but you can reconnect the media, but you are looking for an easy way).
Unless there is a software that does this, switching in between Programs and OS is going to take time.