I use Studio 8, and there is a fade to black included in the basic package .... just do a cross fade transition at the begining or end of a clip i.e. between the last scene and "nothing" and it fades to black... hope this helps.
I'll try and explain a little better... but I'm not looking at Studio 8 at the moment, so its all a bit fuzzy....I'm assuming this is Pinnacle Studiuo 8? If so, there are 2 options:
If I remember correctly, there is a transition that fades from one scene to the next (a cross fade I guess its called?).
If you use this transition either at the begining, or at the end of a movie, the cross fade happens between black and your clip... worked great for me... in the timeline view, just drag the transition right to the left or right hand end and take a look.
There is also a fade throught black that is like the cross fade, but it fades the end of the first scene to black, then fades the next scene out of black a second or so later... I use it to denote a passage of time.