This is my observation on the film:
Please try and find holes in this, as I enjoy trying to work this puzzle in my head.
Diane and Camilla are both aspiring actresses and lovers.
Bob Brooker is casting for Sylvia North Story.
Camilla is the first to audition.
Diane is the second to audition.
Even though everyone liked Diane better, Bob chooses Camilla.
While Camilla is auditioning for Adam's 50's film, Diane arrives and sees Camilla singing.
Not wanting to compete with her lover she flees the audition.
Camilla becomes a new movie star.
Camilla gets the lead role and helps Diane get a part in the film.
During filming Camilla must do whats best for her Career and leave Diane and be with Adam.
Camilla breaks up with Diane but she still loves Diane, but Diane is so hurt she wants to make sure that Camilla will suffer with her.
<Time passes>
During Camillas engagement party she invites Diane to hurt her.
Diane wants vengence and hires a hit on Camilla.
Diane hires Joe, Joe works with Ed.
The hit on Camilla is interupted by the accident.
Camilla wanders to her future mother in laws apartments with no memories and brain trauma.
The same night of the accident Diane commits suicide.
Joe meets Ed to discuss the hit, Ed explains the accident and they both start laughing. Joe kills Ed.
Joe asks Laney if she has seen a brunette and to keep an eye out while she works the streets.
Camilla suffering from severe brain trauma begins hallucinating about Betty in the likeness of her lover Diane.
There is a note pinned to a robe that Camilla is wearing, the name is Betsie, or Rita and Betty written on top of each other.
Betty is not real, she is in fact Camilla. They are the same person, Camilla is hallucinating. Betty takes the note off the robe, the note wasn't real.
At the end of the film's timeline when Camilla opens the blue box, Betty finally disappears.
Camilla eventually remembers Diane, and investigates her memories. She finds Diane's dead body.
While she does not understand her true horror of Diane's death due to her memory loss, her subconcious is very well aware of what she had done to Diane. Immediately following the revelation of Diane to her subconscious she makes love to Betty.
She goes to Silencio and her memories are starting to come back, the opening of the blue box is likely an allusion of her recovery, and Betty disappears, she opens the box and the story ends.


