Follow these steps to import your Reduct reels to Final Cut Pro:

From the reel export menu, select Final Cut Pro X (xml 1.8 & srt)

Open the .fcpxml file that you just downloaded. If you have Final Cut Pro installed, the file will automatically open within FCP.

Note: If you get a warning about edit frame boundaries, just hit OK.

You can now re-link to the original file in FCP. Under File, find Relink Files > and select Original Media...

In the popup window that appears, find the source file on your hard drive, and click "Relink Files":

You now have a Final Cut timeline where your reel (+ captions!!) have been imported, so you can fine-tune your reels using the tools Final Cut provides you.

Note that the XML export does not include any title slides that might be in your reel.