I have had a quick google about the above message i get - most of what i found is on importing an avi or from AE...
I get this message when I am opening my premiere sequence. Once i have clicked ok it opens fine - only noticeable thing is that my footage is really pixelated and blockley... this sequence was origionally put together on a windows platform, however i use mac - but all the other premiere files from the same guy have worked fine without a message like this coming up...
I am very new to premiere, if you could explain what this means i would really appreciate it.
Sounds like you might have a missing, or corrupt file (probably a .dll). I am a big fan of doing a Repair Install, when I encounter similar. This is quick, easy and usually very effective. That would be my first troubleshooting action.
Good luck, and please report your success,