I've looked through almost all of these forum posts about this error. I have QuickTime, VLC, Windows Media Player, and everytime I try to drop a media file into my project, it comes up with the same error. Image files can be imported without a problem, only when I try to drag and drop and other sort of media. I'm running on Windows 7 if that has anything to do with it.
More information needed for someone to help... click these links and provided the requested information
What KIND of file?
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
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