Hi,
I ran into a similar problem. Are you by any chance using a Wacom Tablet? Some time last year I started running into this sort of problem on AE 7 on a Mac G5 running OS-X 10.4 with whatever Wacom driver was current at the time. As far as I could tell it was some sort of conflict between Open GL and the tablet. This would only happen if I was working on a complex scene that contained a camera. The problem seemed to happen when I moved the camera. For a while, I had to switch to wireframe mode while moving the camera.
The the screen would black out, I would have to save and exit AE and things would be fine when I restarted, but if I wasn’t careful, the problem would occur again.
I never found an adequate solution and I’m not even sure that the above was really the cause. At any rate, I haven’t run into the problem in a while and this may have been due to any number of changes; AE version, new Wacom drivers, new OS, new computer.
One thing you might try doing is to throw away your preferences for AE. I don’t know where they are on Windows, but on a Mac with AE 8, they can be found at Your User Name/Library/Preferences/Adobe/After Efects/8.0/Adobe After Effects 8.0 Prefs
Usually when I do this, I just re-name the preference file and check to see if that cures the problem when I restart AE. If not, I can easily revert to the original file.
Hope this helps,
Lars