SUCCESS!
I have had the same error this morning and my only resource for fixing it was this thread. I was only recompressing an image sequence of tiffs with one wave under, and go the same error as everyone else.
I prepared my render queue. Shut down AE and then restarted AE. Problem solved.
Hope this helps shed some light on this for everyone else.
On a Dell StudioXPS
ATI FireGL 8750
8GB RAM
1.0 TB HD space avail.