In general, it's advisable to complete any open projects before upgrading any software. Pretty much for this reason.
But you problem could very well just be your learning curve of Premier pro 1.5.
Underneath you project directory you will likely find a directory labelled "Adobe Premiere Pro Preview Files". Remove anything in this. this directory contains any already rendered clips/effects/transitions so if you clear it down you will force a re-render.
Open up your timeline and hit the 'Enter' key to ensure everything is re-rendered.
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