Create a new sequence that has same attributes as the old one.
Open the old one and copy the entire timeline.
Go to your NEW empty sequence and paste .
What version of Premiere are you using? 6.0 or 6.0.1 or 6.0.2 or 6.0.3?
Also sometimes this problem occurs when you used a customized sequence in the project but this sequence/codec is no longer installed is this possibly the case? For example did you have any capture cards installed that aren't installed anymore? Did you recently re-install your OS or remove codecs or make any system changes?
Also from what I have read another quick work-around for this issue is to open the Premiere Pro Project up inside Notepad ++ and change all instances of the current preview codec from I-Frame Only MPEG to Microsoft AVI. Because some other people have said this solution works in some cases. However I'd only do this as a last resort. This solution will only work though if the problem was being casued by the I frame only mpeg preview codec option though which isn't always the case. So this might not work anyways. I'd honestly recommend just re-installing though if you've already tried to deactivate and you personally already know that you weren't using I frame only mpeg as a preview choice and you also know for a fact you haven't uninstalled any capture cards recently or any codecs. If you do uninstall though, use the adobe cleaner tool when doing so.
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