you're missing the codec (most likely). did u copy the app from another hard drive? if so, reinstall from the original disks. looks like it's missing some files which is typical of the above copy scenario. Specifically, u might be missing the AppleHDVCodec.component file from the /Library/Quicktime folder.
Yup, tried reinstalling FCP5 (and Qtime) but file is still missing!! Weird, since there are other .component files around. Anyone can send me the file or know of some solution? Cheers!