I see this error on AE 7 when switching quickly between AE and Final Cut Pro. Both apps are set to send a preview out via FireWire.
My understanding of the error is that only one application can be using the QuickTime output component at any one time. When you switch quickly back to AE, the other application hasn’t released its hold on the Quicktime output component, and you get this error because both apps are trying to use the component simultaneously.
Dismiss the error dialog and try moving the playhead in AE’s timeline to another frame. That should cause AE to attempt to gain control of the QuickTime output component again. Since the other app should have released the component by now, it should work.