Hey, after using a couple of projects to learn FCPX, I need to archive one large project, one that has 1200 files in in. Needless to say, that project lags everything, I get the spinning cursor etc.

So, is it possible to archive the project and if so, can I then delete the event? I'm a hoarder and like to keep projects, but apparently due to the lag it's making, I need this project/event moved out. Thanks in advance.

First make a new library, on another drive if you prefer, and move the event to it. Make sure you move external files as well and reconnect them if needed. Close the previous library and see if the lags ease up. I find that moving humungous projects to their own library really makes a difference in how FCPX behaves. The new library system is a real plus in keeping projects organized.