Hello. I am trying to make the scope of this weapon pop out in front of the black rectangles at the bottom and top of the screen (The rectangles are an added layer; I used a picture to make it look more like a widescreen movie, but I'm trying to make the scope pop out in front of the black rectangles to make it look like its popping off the screen. Can anyone help me make this effect? I know its probably complex but any sort of a kick in the butt in the right direction will be appreciated!
If you already have After Effects installed, select the footage in the Sequence, right-click, and choose "Replace with After Effects Comp" to send it to Composition in an After Effects project file and leave the results in the Timeline.
As Warren says, After Effects will give you the best tools to achieve this.
However if you wanted to try doing it in Premiere Pro ...
start by duplicating the 'scope' layer and placing this duplicate above the 'widescreen' bars. Now use the masking tools in 'Effects Controls' (under 'opacity') and 'draw' a mask around the edges of the scope. If you 'click and hold while drawing a 'Free Draw Bezier' mask (that's the tool that looks like a pen nib) you'll get 'handles' that allow you to create 'curved' edge masks.
Now you'll have the scope appearing on top of the widescreen bars.
If the shot is static this should work well. If not, then you have to animate the mask over time to follow any movement of the scope - see how you go.