You can open animations that were saved in
older versions of Photoshop as multilayer Photoshop (PSD) files.
The layers are placed in the Animation palette in their stacking
order, with the bottom layer becoming the first frame.
Choose File > Open, and select the
Photoshop file to open.
In the Layers palette, select the layers you want for
the animation, and choose Make Frames From Layers from the Animation
palette menu.
Keyframes are generated for the position, opacity, and
style of each layer in the Animation palette so that the original
animation is preserved. You can edit the animation, use the Save
For Web & Devices command to save an animated GIF, or use the
Render Video command to save the animation as a Quicktime movie.