This probably is a codec issue.
In Premiere, right-click on one of your video clips and choose Properties. Find the Compressor (one of the last few items). If it says anything other than exactly this:
'dvsd'
then you probably are having a codec problem.
The most likely cause for this problem is the AngelPotion codec, which is sometimes associated with DivX. You will see something like "APvc [version 4 ;-) Low]" for the compressor if that's the case. This codec overrides the Microsoft DV codec and can cause all sorts of havoc.
Follow these instructions to remove the AngelPotion codec (I'm assuming you have Windows XP, but the instructions are similar for Win2k/Win98):
1. Go to the Control Panel and open the Sounds and Audio Devices window
2. Click on the Hardware tab
3. Select Video Codecs
4. Click the Properties button
5. Go to the Properties tab
6. Select APmpg4v1.dll and click Remove
7. Close the open Windows
8. Go to Start > Search
9. Search for and delete the following files:
APmpg4v1.apl
APmpg4v1.dll
(both may not be present, you may need to make sure Windows is showing hidden files and that you are searching all files)
10. Reboot the computer.
The problem should be solved. However, you will probably need to recapture your clips. The original clips you captured were written in the AngelPotion codec, which was just removed. When you recapture the clips, they should be written in the Microsoft codec.