Well there's a lot you left out.
What OS?
What Video Card?
HAve you updated DX, Video Drivers, Flash and Silverlight?
What video type (container type .mp4 .mkv...etc).
Based on the H264 encoding I bet an .mp4. So, given that some H264 .mp4 files ripped with handbrake or any apple program causes the exact same issue, here's the possible solution that I discovered a while back.
Go into boxee under settings/ media / and advanced tab...Uncheck "enable hardware assisted decoding where possible." This will allow that h264 .mp4 file to play and leaving it unchecked should not affect hardware acceleration of any other video types. We think the setting is reversed in the code.
Also, Boxee does not use any codecs loaded on the pc. Boxee uses its own built in codec pack from FFMpeg.

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