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From this thread on the Premiere Pro forum, you can see that some people have resolved this by updating their video card driver.
I recommend you manually go to Windows Update and (clicking Custom if using XP) download all non-critical updates.
Also, it's always smart to go to your video card's manufacturer's site (nVidia or ATI) and download their latest drivers.
I checked on the version of the video card driver and it's up to date.
I even tried re-installing PE8 in a new Adobe directory in Programme files - as well as disabling various plugins, but still no luck.
I might just as well go back to version 7...
It might be worth trying and uninstall/reinstall first. That sometimes does fix this kind of stuff.
I've already tried that a few times Steve.
I'm giving up on it tonight, but not without a certain disappointment that a
previously good programme has not been woth the upgrade.
Do you by any chance had multiple video drivers listed in device manager. Since you are stuck at the playermediacore file, i feel that disabling one of the display driver my get you out of this issue. Try this and let the others know about the result.