This error is typically received when attempting to apply an effect. This issue is caused when Windows registry information regarding a specific effect gets corrupted.
Reinstalling the effect should resolve the issue.
This issue can sometimes occur when video resources are low.
Close any extra views which are open and shut off any programs running in the background. In the case of a resource leak, you should update your video card drivers, as well.
Also, in case there are resource drains, you should optimize your computer for audio. Please see our Knowledgebase article # 30058.