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You won't lose your project files or your video clips. But, they should be backed up in the normal way you back up everything else.
The most common problem in recent weeks for what you describe has to do with nVidia graphics card drivers. Do you have one of those?
Thanks, I will try reinstalling. Also, where can I get the graphics cards drivers? Thought I saw links in forums earlier but now I can't find them again :/ Thanks!
Do not count on Windows to be fully up to date when it comes to device drivers
Go to the vendor site to be sure you have an updated driver for your graphic adapter
•nVidia Driver Downloads http://www.nvidia.com/Download/index.aspx?lang=en-us
•ATI Driver Autodetect http://support.amd.com/en-us/download/auto-detect-tool
There are also intermittent reports that the newest driver is not always the best driver due to driver bugs or compatibility issues, so you MAY need to try an earlier driver version