There is not enough memory to import the requested file in adobe premiere pro CS5

If you receive that error, don't rush to delete the files neither from Media Cache nor change the setting from Performance to Memory. Sometime it can happen when you try to insert pictures which are not available to add in CS5. 

So, should try to change the quality of pictures first, and insert them again. Then you will see the error will be disappeared. 

Please let me know if you want to see in details with pictures for explaining, leave letters in comment box.