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If you can edit files A and B from source 1, and you can't edit file C from source 1, the only GUESS I have is that something changed when you were creating file C
You need to verify your source and the steps used to create file C
Can you open up the older project without getting the error?
Sometimes exiting out of PRemiere Elements and then starting it up again is all that's needed.
Otherwsie, whenever something like this happens, the next thing I think of is Quicktime (or Microsoft) screwed me up. So I would uninstall the current version of Quicktime and then install the newest version.
You didn't say which version of Premiere Elements you are using or the type of Mpeg file or the source of the MPEG file. You can use GSpot to determine the characteristics of the file.
Let's go back to your earlier Project, the one with the Media showing "Offline." Can you relink your Video files from the Project Panel? What happens, when you try this?
It sounds as though something has changed on your system, and it does relate to the CODEC for the MPEG files.
Robert Johnson is possibly correct with regards to Quicktime, and has pointed you to a very necessary "next step," with G-Spot. It will do several things for you:
1.) survey your system for all properly installed CODEC's
2.) tell you all about your particular MPEG files
3.) tell you of problems with your particular MPEG files
4.) if all is good, allow you to test render and play your MPEG files
Without the data from a program, like G-Spot, anything that we might suggest would be just a shot in the dark. G-Spot is a freeware program, available at www.headbands.com/gspot.
It is most likely that something has changed on your system from the time that you could work on the first Project, and now. This could be something that you might not even be aware of, such as a Windows' update. It could also be the installation of something like a CODEC "pack," that has messed up the installation of existing CODEC's. QuickTime is a very likely candidate, and the newest version *might* help.
Ok, I will try G-Spot...I am using Adobe Premiere Elements 7 and the files are all .MPG
The main thing that confuses me is that Project #1 still opens and still functions perfectly. Project #2's video footage is not functioning. Both projects have video from the same source: Sony HD Video Recorder with internal hard drive.
Thanks for the help I will try the above information but if you can think of anything else that might help I would always appreciate it.