Hello im new here. Im also using AE CS3 and the same problem also happened to me.I don’t know if you already resolved yours but I will still post this for the sake of those whose experiencing the same problem.
AE will will always have that kind of error if…
1.Your GPU driver is not updated/supports opengl, and 2
2…..the most obvious one, when your resolution is set to 16 bit
(believe me, it took me a whole week to figure out this one,
which really s**ks.)
The second one was the problem for me so I already resolved that.
Thats all.I hope this helps.