If you are going to be doing this very often as you say,- even if you are not filming content per se- you are better off using a different video camera that records in DV or HDV, instead of a consumer camera that records in a compressed format like Xvid. Premiere Pro is made to edit digital video, and now HDV with the newer version of Premiere Pro and you will have to keep making conversions to edit your footage otherwise.
If you have this irreplaceable footage that you want to find a way to edit in the meantime, I would try one of several video converters out there that might be able to convert from this file with the Xvid codec to a format that Premiere Pro can import. Try VideoCharge or Smart Video Converter.
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Jim Gunn
Filming Cinematic Porn
Skype JimGunnProductions
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