1- how much free space do you have on your (single?) hard drive?
2- what are you editing?
Read Bill Hunt on a file type as WRAPPER http://forums.adobe.com/thread/440037
What is a CODEC... a Primer http://forums.adobe.com/thread/546811
What CODEC is INSIDE that file? http://forums.adobe.com/thread/440037
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Report back with the codec details of your file, use the programs below... a screen shot works well to SHOW people what you are doing
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For PC http://www.headbands.com/gspot/ or http://mediainfo.sourceforge.net/en
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http://blogs.adobe.com/premiereprotraining/2011/02/red-yellow-and-gree n-render-bars.html
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If you have a red line over the timeline after importing a video and before adding any effects... your project is wrong for your video... read above about codecs
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Once you know exactly what it is you are editing, report back with that information... and your project setting, and if there is a red line above the video in the timeline, which indicates a mismatch between video and project
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H.264 will NOT work inside an AVI wrapper http://forums.adobe.com/thread/854115
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More information needed for someone to help... click these links and provided the requested information
-http://forums.adobe.com/message/4200840
-http://forums.adobe.com/thread/416679
