Moving this discussion to the Premiere Pro CS5, CS5.5, & CS6 forum.
Do you have a laptop with dual video?
-link to why http://forums.adobe.com/message/4685328
-HP Fingerprint/Password conflict http://forums.adobe.com/thread/911575
-Mac Utility http://forums.adobe.com/thread/1017891?tstart=0
I was able to correct the problem by going to Adobe Aplication Manager and installing Premiere again since there was an option to install. The program was working fine after the install but the following day Adobe sent updates which I installed. Premiere did open after the updates but only audio was playing in the preview and program windows. I uninstalled the NVidia 650M from device manager and restarted. Now everything seems fine. Can't understand why Premiere is still giving me trouble editing with clips from my Panasonic AG-AC160A using 1080i settings.
Thanks for your help. You seem to really know your stuff.