Did you check with the ATI/AMD Web site for the latest video driver? What is the date/number of the latest from the Web site and what is the date/number of the installed video driver? Do not trust your OS, or any utility to determine if you have the latest driver.
Also, it could be that you DO have the latest driver, but sometimes, there are issues with the latest, and one has to roll-back to a previous driver. When that happens, ATI/AMD, or nVidia are usually quick to get a "better" driver out.
There is a document about this in our help - http://helpx.adobe.com/premiere-pro/kb/error---preludevideo-play-modules.html
It's usually fixed by a setting in your video card settings or your BIOS. Please let me know if that document works.
Read these previous discussions of Dual laptop video
-Mac Utility http://forums.adobe.com/thread/1017891?tstart=0
-HP Fingerprint/Password conflict http://forums.adobe.com/thread/911575
Grin... got beat to the reply button while I was looking in my saved links file!