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-Premiere Pro Video Editing Information FAQ http://forums.adobe.com/message/4200840
Exactly what is INSIDE the video you are editing?
Codec & Format information, with 2 links inside for you to read http://forums.adobe.com/thread/1270588
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 for screen shot instructions
Free programs to get file information for PC/Mac http://mediaarea.net/en/MediaInfo/Download
When your project sequence is correct, you will not see a red line over your timeline at first import, before you do anything to the video
http://blogs.adobe.com/premiereprotraining/2011/02/red-yellow-and-green-render-bars.html
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
The NEW ITEM process will ensure that your editing sequence matches your video file
CS5-thru-CC PPro/Encore tutorial list http://forums.adobe.com/thread/1448923 has a link to learn about the NEW ITEM process