Steve,
If the data is already in the wrong location, re-projecting the data to the correct coordinate system will do nothing to resolve the issue. It will still be in the wrong place. You need to define the coordinate system to be what the data was collected in.
Most raster data out there doens't need to be imported since we support so many formats. What did your data start as? i.e. an ASCII file perhaps? How did you import your data? What coordinate system is the data supposed to be in? How is the cellsize defined in whatever format it was in prior to importing?
A few more details from you and I'm sure we can sort it out. What version are you using?
Regards,
Eric