what codec are you working in? how big are your files (ie are they huge raw uncompressed AVIs?) try re-encoding to Avid DNxHD, you can download from Avid the LE codec pack. works with all CC/CS apps. it is the pc equivalent of prores, and should playback in realtime on your system. it works in either .mov or .avi. Sounds like a drive / bit rate bottleneck, or sequence settings mismatch to me. The whole point of Premiere is you dont have to render (as much). if your timeline is red, you may have a different working codec set for the sequence than your footage, or your footage is in an inefficient format. Also you will not get realtime performance from external / internal drives unless you are using FW 800 connection or better. What does windows report when you copy a huge file from / to your media drive? Anything under 60 MB/s is going to be slowing you down. just some ideas. if you have any technical questions about hardware I'd be happy to help.
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