The subject line says it all. I'm able to create a new project and import the existing project into it, but this isn't ideal and this seems like a humongous bug. I tried completely uninstalling all Creative Suite software (even using the CS Cleaner tool), but upon reinstallation, the problem still exists, whether it's Premiere Pro version 5.5.0 or 5.5.2.
Here's my hardware information:
NVIDIA GeForce GT 330M 512 MB graphics
Possible causes (and suggested fix):
corrupted plug-in (move the plugs temporarily)
corrupted project (run Project Repair by Digital Rebellion)
corrupted prefs (hold option down while launching Pr)
One of my 8 RAID5 drives failed a few months back. While I didn't lose any projects, all of them on a certain partition were damaged, and either wouldn't open or would crash Pr. My only recourse was to use my backups.
I did try holding Shift + option while starting Premiere, which is supposed to clear your preferences and re-load all plugins. That didn't do the trick. And I don't think the project is corrupted because this happens with any and all existing projects. I've tried removing the plugins folders but that didn't work either. I uninstalled the entire Creative Suite and reinstalled it. Still no luck. The rest of Creative Suite works fine. This just seems like some kind of really bad bug. The program is unusable.
The error I get now is from Premiere Pro:
"Sorry, a serious error has occurred that requires Adobe Premiere Pro to shut down."