"The video frame could not be displayed"

Hey there, the search function isn't letting me look up strings of words so I couldn't find anything else on what I hope is a common problem.

So!

I open the program, select new project, give it the parameters I want, import media -> .wmv/.mp4/.mov/.avi file (tried all four), and then I get the error of "The video frame could not be displayed", or something similar. What am I doing wrong? My files are rather large (20-90 minutes of low-quality footage...!), if that's a problem. But honestly, at this point, I want to go pirate Movie Maker back. I only want to import and speed up the video for pete's sake. Please help.

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