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Can you convert your ASF files to more common format/CODEC? That would be my first choice. If SD, I would choose DV-AVI Type II w/ 48KHz 16-bit PCM/WAV Audio.
PS - my guess would be that the CODEC that worked in PrPro earlier, is just not installed, or is 32-bit only. This has tripped up many.
I’m sure I can find something to batch convert but relinking to the converted source files would be a nightmare.
The audio codec is probably the culprit. It is a Win-95 vintage codec that could be forced to work on XP and sort of worked on Vista/32. It works on Win7/64 with WMP but obviously WMP is using the 32bit codec, I guess PPCS5 cannot.
I’m fairly resigned that the best workflow is going to be a parallel install of CS4 (assuming that’s possible, otherwise I might try to get it to install in XP mode). I can use the old project files with CS4 to assemble clips and export them to DV for further processing in CS5.
Now, if you have the Video, and ONLY want the Audio, instead of converting, I'd instead rip the Audio, with a program like Audition, or even the free audio-editor, Audacity. Just do a Save_As form the audio-editor to PCM/WAV 48KHz 16-bit and Import that. You should be able to then fairly easily sync the Audio file to the appropriate Video file.