CC 7.2.1 playback freeze then crash

Question

Premiere Pro 7.2.1
MacBook Pro Retina with 27 inch apple cinema display (two screens)
Mac OSX 10.8.5
NVIDIA GeForce GT 650M 1024 MB
CUDA Driver Version: 5.0.61
Footage is a mix of RED 4K R3D, 5D H264, Sony FS700 MTS, GoPro H264.
Mercury playback is on - CUDA
Problem:
Right after i open up Premiere I put the cursor at any point on the timeline or just press play on the current timeline and playback freezes. Some times I can get two to 10 seconds of playback and then it freezes. The rest of the program work fine just no playback in the sequence window or the preview window.
I can save, I can open an new bin, the drop down menus work etc. No spinning beachball.
When I go to quit, Premiere locks up and I have to Force Quit. No crash log most of the time. If I get a crash log I will add it.
When this happens, it usually happens 3-6 times in a row. I can't seem to get past the first playback after openning the project. If for some reason I can get it to playback after opening the project.... it's fine and runs most of the day with no propblems.  But I have no idea what gets me past the first playback.
Notes:
I have tried to reboot the whole computer and then run through all of the following.
I have tried cleaning the Media Cache. Seems to have no effect.
I have opened Premiere while holding the shift/option keys. Seems to have no effect.
After playback freezes i have tried to switch to "software only" to try and free up the freeze. Still frozen.
I am using Magic Bullet Looks 2.1.3 (this was supposed to be and update for CC 7.2) but none of the footage freezing up has any effects on it.
I am using an older cuda driver because I was having just as many or more problems with 5.5.25

Answer 1

First reset the prefrences for Prmeier pro by going the below mentioned locations
1. User account->User library->Prefrences->Adobe->Premier pro ->7.0(reame the folder to Old_7.0)
2. Documents->Adobe->premier pro ->7.0(rename the folder to old_7.0)
Tried this first: Did not change anything same freeze and crash.
Please empty the media code folder(location for media code folder is as below).
Macintosh Hard drive->Library->application Support->Adobe->Common->Plugin ->7.0->Media core
Tried this second: Worked! Playback seems to be fine. THANK YOU.
Pretty sure the culprit was Magic Bullet LOOKS!!!!! 
So here's my new problem. My guess is that the Magic Bullet LOOKS plugin was the culprit. There were a few other plugins in the Media Core folder but that was the only one I was currently using. Soooo I'm going to edit for awhile without it just to make sure that was the problem but I really need that plug in. I'm going to go back to Red Giant and tell them what's going on. I know it's there problem but do you have any recomendations from your experience on how to make the Magic Bullet LOOKS plugin work?