Mmm. Odd one. The fix will most likely be to trash your preferences.
Is the whole canvas a bright lime green? Sometimes when you get this it is because of a problem associated with effects - sometimes it even says something like "AE Out of memory" in white over the top of this.
The red viewer you might see if your media had become disconnected. Usually you would see a missing media message written on top of this.
My guess is that something got corrupted in the switch back to DV and FCP is trying to communicate this in it's own simple, lovable way.