The referenced component 'component' could not be found.

Hi,
 
When I open my teams project using the open source logger X.dll in Visual Studio 2005 i get the yellow triangle in the reference list and the warning "The referenced compontent "X" could not be found. I tried to remove and re-add the DLL to the references, from several locations. I also tried to set the reference path (which has not been set before), but nothing helps. I tried to delete the project files and get fresh files from Source safe, but that doesnt help either. I suddenly got some strange reference errors when building the project, and since that it refuses to recognize the "X" library.
 
Any suggestions on how to solve this are welcome, I'm a bit desperate being unable to work on the project.
 
Thanks,
Kiran