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Quick-satrt guides for Editing MXF files:
MXF to Premiere Pro
MXF to Pinnacle Studio
MXF to Windows Movie Maker
MXF to Final Cut Pro
MXF to Sony Vegas
MXF to iMovie
MXF to Cyberlink Powerdirector

As one of the most popular non-linear editing systems, the Avid Media Composer allows for film editing, uncompressed standard definition (SD) video and high definition (HD) editing and finishing. Although Avid claims that Media Composer after 1.5 support MXF importing. However, when importing and editing MXF videos from Canon/Panasonic P2/Sony XDCAM in Avid Media Composer, users always encounter video and audio problems, as .mxf format is efficient, but simply isn't engineered to maintain quality during complex post production effects processing. Uncompressed HD format delivers superior image quality, but data rates and file sizes can stop a workflow dead in its tracks. Well, Avid DNxHD format delivers both efficiency and quality without compromises. So, before transferring MXF files to Avid Media Composer, you'd better first convert MXF to DNxHD MOV, something ensuring maximum editing quality and efficiency when working with Avid MC.
If you have problems when using MXF files in Avid and want to make a smooth editing, you can read on the atricle to learn more. The article mainly shows you how to transcode MXF files to DNxHD MOV for Avid Media Composer in detail so that you can get Avid Media Composer work with MXF footage smoothly.
First of all, free download Brorsoft MXF Converter
Overall, the program is an easy-to-use yet professional app which can be used as a MXF to Avid DNxHD Converter under Windows XP/2003/Vista/Windows 7/Windows 8. It is free, clean and safe to install and use. With it, you can effortlessly transcode Canon/P2/Sony XDCAM MXF to edit in Avid Media Composer, Premiere Pro, Sony Vegas, Windows Movie Maker, Pinnacle and more without problems. It works well and converts flawlessly. If you running a Mac computer, please turn to the alternative Mac version - MXF Converter for Mac. Below is how.
How to Convert MXF to Avid DNxHD MOV
The quick start guide below uses MXF Converter Windows screenshots. The way to rewrap MXF files for Avid on Mac is almost the same. Just make sure you get the right version according to your computer's operating system.
Step 1: load MXF files
Once you run the Avid MXF Converter, click "Add Video" button or "Add from folder" button to load your source MXF files. When the MXF files are loaded to the program, you can view the videos from the Preview window. Simply select an item and click the “Play” button. When the video is playing, you are allowed to take snapshoot.

Step 2. Choose output format for MXF to Avid conversion
Click on "Format", and select output format from the drop-down list. Follow "Avid Media Composer" > Avid DHxHD (*.mov)”.

Tips:
If the default settings do not fit your needs, you can click “Settings” button to adjust audio and video parameters as you like.

Step 4: Start converting MXF to Avid DNxHD
Click "Convert" button and the Canon/Panasonic P2/Sony XDCAM MXF files will be converted to Avid DNxHD MOV immediately. Soon after the conversion, just click “Open” button to get the generated files for edit in Avid Media Composer perfectly.
Additional Tips:
If you want to edit AVCHD MTS files in Prermiere Pro or Vegas Pro, you just need to choose Adobe Premiere/Sony Vegas> MPEG-2(*.mpg) as output format in the second step. If you're using a Mac and want to use MTS files in Final Cut Pro, please choose the "Final Cut Pro > Apple ProRes 422 (*.mov)" as output; for iMovie and FCE, select "iMovie and Final Cut Express -> Apple InterMediate Codec (AIC) (*.mov)".
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Source: Tricks for Editing MXF files in Avid Media Composer smoothly