I have the exact same problem. I’m running Premiere Pro CS3 on a 64 bit system…don’t know if that makes a difference. The only thing different is that the clips that have dissolves(that are playinh as cuts) are showing that the clip itself is “offline”, but it’s not. I can play all the clips in the bin, but on the timeline they are offline. If I replace the dissolves Premiere will see the “offline” clip and the dissolve will play correctly. This is greatly increasing my edit time. Can anyone help!?!?!
Morgan