In CS5 and 5.5 the error dialog still allowed me to use Ppro if I hid it off in a corner and kept working. It costs you the waveform visualization, but you can stop the error from happening by keeping all audio tracks collapsed (triangle to the side) or by selecting Show Name Only instead of Show Waveform using the Set Display Style selector.
Sorry to see it hasn't been completely addressed. In CS5.5 the error was still there but you could dismiss the dialog and keep Ppro open, no crash. I believe it's unrelated to this thread's particular 'serious error' issue (might be related though? Only Adobe knows), as I had this issue repeatedly in CS5, where it would cause it to crash.
The AudioPrefetch.cpp line 87 error has to do with Premiere rendering the waveform previews of audio tracks, in my situation it was clips whose speed or duration had been changed or reinterpreted.
