G, 1955, 75 minutes, Walt Disney Home Video, $29.95.

"Lady and the Tramp" is as magical and endearing now as it was 32 years ago when originally released. Superb, wonderful and gorgeous, the first Disney cartoon feature to be made in CinemaScope suffers amazingly little from shrinkage to the TV screen, the result of what a Disney spokesman calls "an arduous pan-and-scan process" used in making the transfer. All the memorable songs are here, in stereo, and the unforgettable characters, in Technicolor: Lady, the proper cocker spaniel; Tramp, her no-collar hero; Trusty, the avuncular bloodhound (a dead ringer for Howell Heflin); Si and Am, the devious cats; and Peg, the frowzy Pekingese, who sings "He's a Tramp" in Peggy Lee's inimitable voice. The secret world of dogs serves as a metaphor for the secret world of children. As in all the Disney classics, there are sure-fire sentimental moments: When Lady and Tramp share a bowl of spaghetti in the alley behind Tony's restaurant, serenaded with Tony's own bombastic "Bella Notte," it's every heart for itself. "Lady and the Tramp" is more than a movie, really; it's a visit to one's own youth. It's an American keepsake.