“File dimensions too large” is what happens when the Premiere file import module (ImporterProcessServer.dll) freezes up. To get Premiere working again, you have to reboot (or log off and back on – quicker than rebooting). Just restarting Premiere usually won’t work.
There is something about your MP3 file that Premiere doesn’t like. I would take Jon’s advice and convert to WAV in Soundbooth (or some other app), restart your computer, and import the WAV file.
P.S. Get rid of the MP3 in your Premiere project. Premiere will lock up just trying to load it during startup.