Nice touch having the vcideo editing forums website minimised in the picture
I guess the first thing to test is if the problem is Premier pro specified or a problem in the captured file themselves. The highlighted area, to me, shows me that Premier Pro sees the files as containign the nonsense you say it plays.
Outside of premiere pro, try double clicking on the AVI files themselves. Do they play ok? do you get the same thing? If so then it looks like the capture has gone weird and you have corrupted capture files.
How did you capture the clips from the camera? what s/w was used and with what settings?
Also, and I'm not sure this is the problem, make sure your HDD is formatted as NTFS and not FAT32. I don't think that five minutes of captuyre (presumably stanbdard def) will have reached the FAT32 files size limit but check anyway. IF you do find you have FAT32 then change it to NTFS asap.
Also, with Premiere, make sure you have plenty of disk space free on your work drive and your scratch drive as well. Also, make sure that are all WELL defragged before you open Premiere. All these things DO make a difference.
Alan