If I'm not mistaken, you can start a new project and import the old one into it. (that's one of the problems with premiere pro, you can't change [most of] the project setttings after set them)
so if you change the resolution in the new project and then import the old one it could solve your problems.
the section that is 720x480 might be interpreted by premiere...or just cut off (probably at one end or the other, but you may get lucky and have it cut equally on both sides...40 pixels each)
for uploading, you can use a free image hosting service like www.imageshack.us
and usually you just open your video in virtualdub(/mod) and take a screenshot of that (but it should work with WMP as well)
press the prt sc (print screen) button to take the shot, then open up paint and paste (control+v) then save as a jpg.
upload the image, copy the direct link (if the image is bigger than 800x600 you'll have to copy the second thumbnail link) and put it in img tags
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[img]url to image[/img]