By any chance, was your video originally captured by any Matrox product or a codec that is no longer on your computer?
I'm not exactly sure -
I would have thought it was captured as an .avi file which should be ok, right?
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Unfortunately AVI means nothing. It is just a container and you know containers can hold all kinds of stuff. If the contents are high quality video cameras (MS DV AVI type2) PR will go ahead and play nicely. If it contains scrap metal (DivX, XVid), or toxic materials (screen captures in esoteric format) PR will not play.
Use G-Spot to identify the codec used.
I ran G-Spot and it turns out the codec is - CineForm 10-bit Visually Perfect HD (Wavelet)
Should I try and download that to solve the problem?
It appears you captured these files in the 1.5 era with Cineform.
Do you have the latest version of Cineform? That is the direction I would look at.