Camstasia Error: No codec available to render this file

If you get this error when you are trying to import a mp3 file in Camstasia the solution on Windows Xp is to install a different codec. If you have installed it go to Control Panel -> Administrativ Toos -> Computer Management -> Device Manager -> Sound, video and game controllers -> Click on Audio Codecs. It will bring up a window with three tabs. Select properties and change the priority of your newly installed codec by clicking on it and change the priority number to be lower or equal to the old one. Set the old one a greater number. This solved my problem like a charm. In my case I used Fraunhofer IIS  MPEG Layer 3 codec professional instead of the simple one. Also you can use LAME ACM MP3 Codec. I hope this will solve your problem with Camstasia.