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I "installed" the extra content by running the file that I downloaded after purchasing VS12. It created a folder named "VS-Installation BCD Files" under the "Program Files\Corel" folder and copied all of the extra image, video, etc. files into subfolders there, but I don't see any of the extra content showing up in the VS12 library.

Is there a step that I missed that does this automatically, or will I have to use the library mgr to add the new images and whatever to the library?

You have to import them into the library, like any other clip or image.