I have Production Premium CS5. I just installed After Effects CS5.5 as a standalone 30 day trial on the same system. Is there a way to tell PP CS5 to dynamic link with AE CS5.5 instead of AE CS5? I would like to use the new warp stabilizer in AE CS5.5 with the clips I've already edited in PP CS5 comps. If it is not possible to use dynamic link this way, are there any other methods to bring in an edited clip from PP to AE then back to PP after warp stabil.?
Just copy and paste your clip into After Effects, and create a comp with it. Do your stabilization, and then render out a high resolution/high bitrate (often, uncompressed) AVI or MOV of your clip. You can then import that into Pr, and use it as any other piece of footage.
You can also import your Premiere Pro project into After Effects, though this has some limitations and is not very selective.
Dynamic Link is a "perk" of having the Production Premium bundle or the Master Collection bundle; it's not available with the standalone versions. Also, it only works with versions of software from the same era, e.g. Pr CS5.5 and AE CS5.5.