>never did answer your question
OK... here are the questions, again... with, again, the links to programs that will allow you to answer
What are you editing, and does your project match your video?
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Read Bill Hunt on a file type as WRAPPER http://forums.adobe.com/thread/440037
What is a CODEC... a Primer http://forums.adobe.com/thread/546811
What CODEC is INSIDE that file? http://forums.adobe.com/thread/440037
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Report back with the codec details of your file, use the programs below... a screen shot works well to SHOW people what you are doing
http://forums.adobe.com/thread/592070?tstart=30
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For PC http://mediainfo.sourceforge.net/en or http://www.headbands.com/gspot/
For Mac http://mediainspector.massanti.com/
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http://blogs.adobe.com/premiereprotraining/2011/02/red-yellow-and-gree n-render-bars.html
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If you have a red line over the timeline after importing a video and before adding any effects... your project is wrong for your video... read above about codecs
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Once you know exactly what it is you are editing, report back with that information... and your project setting, and if there is a red line above the video in the timeline, which indicates a mismatch between video and project
Also, the general questions you need to answer are in the Information FAQ http://forums.adobe.com/message/4200840
If you can't answer those questions, there is really no way anyone may help