What type of video is this ?
Play it in Mediaplayer Classic (one of its versions) or VLC and copy/paste the media information here. That'll give us container, codec for video and audio and so on.
Reaper 32-bit needs the 32-bit version of VLC. 64-bit/64-bit.
A good thing to check is the Source Properties of the video item. That will give you information, and tell you which playback engine is actually being used by Reaper for this video.
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