Hopefully you've already installed the latest updates for Premiere and Windows ... and the latest drivers for your Video Card.
Assuming that you have, I found an article that mentions your specific error... step by step process of elimination sortof thing.
Here are the two possible fixes from the article... but if they don't work read the whole thing:
5. Re-create the Premiere Pro PluginCache file.
Some problems may be caused by a damaged PluginCache file. To re-create the file, hold down the Shift key while choosing Start > Programs > Adobe Premiere Pro. Release the key when the Select Initial Workspace window appears.
Note: In previous versions of Adobe Premiere, similar problems are eliminated by re-creating the Preferences file. Adobe Premiere Pro, however, stores the application preferences in the PluginCache file. It stores only the user preferences in the Preferences file.
6. Run Premiere Pro while no other applications run in the background.
Some applications may cause system errors or freezes when running concurrently with Premiere Pro. You can identify these applications and disable them before starting Premiere Pro. To identify problematic applications that run in the background, remove applications from the Startup folder, and close those that are specified in the registry to start automaticall
Here is a link to the article if you're still hooped:
Hope it helps,
I'm going to give these a shot after lunch here. But I do want to make sure its known that I'm running a Macbook Pro using Mac OSX.