Did you try trashing prefrences? That’s usually the first step to consider when things aren’t working in FCP. Remove these four files:
Home\Library\Preferences\Final Cut Pro User Data\Final Cut Pro 5.0 Prefs
Home\Library\Preferences\Final Cut Pro User Data\Final Cut Pro Obj Cache
Home\Library\Preferences\Final Cut Pro User Data\Final Cut Pro Prof Cache
Home\Library\Preferences\com.apple.FinalCutPro.plist
FCP will recreate new versions of these files if they are not present. But remember, you loose your user prefrences, your favorits, and may even lose your custom device control settings. All settings appear as though this is the first time you ever started up FCP. BUT that’s a good thing because, presumably, FCP worked the first time you ran it… so hopefully your preference files just got a little corrupt… maybe as a result of removing this device early or something…
If you’re worried, copy these files to a folder on the desktop rather than the trash. If the creation of new preference files doesn’t solve your problem, overwrite the new files with the old ones, and you’ll be right where you left off like nothing ever happened.
Good Luck,
Ben