Welcome to the forums.
Keep in mind I don't know anything about codecs and whatnot.
I'm not sure how you expect to use a non-linear editor (NLE) without that knowledge.
The following links will help you:
You will also find links to many free tutorials in the PremiereProPedia that will quickly show you how things are done in Premiere Pro.
The good news - Steve Grisetti, MOD on the Premiere Elements forum did an article on the Flip, that discussed in detail, exactly how to handle the files from this camera.
The bad news - this was before the forum changeover, and this was in the PrElements FAQ's. The links that I can find, are all dead now. Here is a LINK to a discussion, but the link to the FAQ is the dead one. I'd suggest posting to that forum (even though you are using PrPro), and ask there. Chances are that Steve will be able to pull up the lost FAQ for you. IIRC, Steve is in Italy right now, but is due back soon.
Next, I know that several subscribers on Muvipix use these cameras. Steve is a MOD there too. You can read and post with out signing up, and it is free to sign up, which will allow you to download a bit of their content, like stock video and Menus. For a subscription, you can download it all, plus many tutorials and articles.
Eddie's links will yield a wealth of learning tools for you. The tutorials are free and will basically give you a course in NLE work with PrPro.
PS I'll look for your post to the PrElements forum and will direct Steve to it, in hopes that he can get you to his old FAQ.
Thanks for your help! I am sort of a newbie but getting better fast. Work just threw me a curveball with these new flips.
Thanks for your help Hunt! I have figured out a fix and won't be posting on the elements forum. The resources you have pointed me to were very helpful though. Thanks!
If you would please post your fix, others will benefit from your efforts.