Does sound work?
I recently bought the Ultimate version of Pinnacle Studio 11, and after trying it out, the video wouldn't play in the preview box, but sound worked. It soon settled after I installed the last two discs, but these were the bonus discs, and I think contained the 11.1 version. So, maybe you should try downloading the patch again?

DirectX usually has a lot to do with the problems in Pinnacle. Check you've got DirectX 9 or 10.

__________________