I got it!!! It is an error from updating Quicktime to 7.2. Read about it here:
http://www.digidesign.com/index.cfm?...4&itemid=24834
You need to run the 'rebinding script' from Pace. You can get from a link on the page above. Phew!!! That was a good one. Took me 2 hours to get it figured out.
Hope this helps,