Actually I figured out a solution.
I found out the original clips we’re captured in FCP 5 and I am using FCP 6…
Anyhow, what I did is I went to EXPORT —-> QUICKTIME MOVIE and exported my sequence as an HDV 1080i60 file.
For some magical reason it worked. Before I was using the Quicktime Conversion menu to try and export my sequence and thats when I encountered the problem.
I still haven’t figured out why the problem was occuring, but at least I found a solution.
Thanks guys for the help, it was really appreciated.