More information needed for someone to help... click these links and provide the requested information
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
Also, exact model nVidia card and driver number... for example, I have GTX285 with driver 296.10
I don't really understand the issue. Any chance of posting a screen shot?
At this point, it sounds like a classic issue with the video driver.
Knowing the exact video card, make and model, plus the installed video driver, date and version number, might tell the tale.
Your numerous suggestions pointed me in several directions which eventually solved my issue. I updated my Adobe software followed by updating my video card drivers and my attached Matrox unit drivers. After drivers were updated Premier issues were taken care of. I can see how critical it is to be very clear when asking for help with issues.