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People usually get this error message when they are trying to open up a FCP project file in an older version of FCP than it was made on (5.1 project file on 5.0, for example.) However, this message is one of a few ambiguous errors that come up in FCP, so standard troubleshooting applies - trash your prefs using Preference manager, try opening the project file on another machine, ensure that all versions of FCP between machines are the same, etc., etc. You might also try opening earlier versions from your autosave vault and do a Save As, in case this error references a corruption in the project file.
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