What is the source (codec) of your media?
This is aimed at Premiere Pro, but may help
A link with many ideas about computer setup http://forums.adobe.com/thread/436215?tstart=0
Work through all of the steps (ideas) listed at http://ppro.wikia.com/wiki/Troubleshooting
If your problem isn't fixed after you follow all of the steps, report back with ALL OF THE DETAILS asked for in the FINALLY section, the questions at the end of the troubleshooting link... most especially the codec used... see Question 1
It sounds like the Media Off-Line symbol. It's red, with "Media Off-line" in about 6 languages.
This indicates that when you did your Organizer catalog, the files were in one location, but have either been moved, or deleted. Is that possible?
Where were the files located originally, and are they still in that exact location?
Thanks. I'll work on it. It plays the audio, but just a red screen for the video. So it's probably not able to understand the video part. I'm trying various converters to convert my Panasonic AVCHD MTS files to a useable format.