What am i doing wrong>?
Maybe not enough patience. You have to wait for the conforming and peak file generation to finish, before trying to edit.
A while back I made the mistake of exporting a file from CS3 with " embed in project " checked....and every time I opened the project I would get the generation of peak files for that stuff I exported....
It took me a while to realize the file being generated was the exported file rather than files I really wanted in my project manager..
Maybe check your project manager area ( where your imported files are listed ) and clear any files that you exported and embedded that you don't want in your project manager ?? Just a hunch this might be your problem as it happened to me one time like that...