I have had almost exactly the same issue Kevin - I even got tot the point of re formatting my HD too. Seriously frustrating.
I have a Samsung Chronos 7 i7 NoteBook.
Intel(R) Core(TM) i7 - 2675QM CPU @2.20GHz
64 bit Operating system
My drivers are updated for: Intel / AMD Grpahics cards
Java Updated and installed.
SW Updated - Up to date
All windows updates installed.
Quicktime 7.7.4 Pro Installed.
Google Chrome Web Browser.
I was told by an Adobe Tech that the issue lies with the Intel and AMD cards conflicting. That Prem Pro CC only wants to use the AMD card but the Intel is being used first. Having spoken to Samsung techs they say that outside of using 'Catalyst Control Center' (which has aslo been updated) there's no way of doing that. : I
PLEASE someone say there's a solution to all this. Prem pro is my primary source of income as a freelancer. Plus I've spent over 7 hours on the phone to both Samsung and Adobe and my head is about to melt.
I have the same computer, except with an nVidia card and Windows 8. No issues My nVidia control panel (nVidia's equivalent to your CCC) has an option to add "Run with graphics processor" to the Windows context menu so that when I right-click the Premiere Pro shortcut, I get an option to run it with either the Intel or the nVidia GPU, and an additional option to set either GPU as the default. Perhaps your CCC has similar capability?