First time using premiere pro - I need help with error messages and viewing/editing a project!

Hello all, I am 100% new here to using this program. I'd love to learn how to use this program and what these error messages mean!

I have no background in videoediting (besides whatever was available back in 2009 on DELL/Microsoft computers for free with the really bad slideshow transitions - haha). I have used photoshop before though.

I'm trying to open a project to view and edit -  I didn't originally work on it, after recently downloading Adobe Premiere Pro and I am getting these issues.

1) How can I find/add "fast color correcter" filter? 

2) When I click to open it, a screen pops up saying the project was from an older version of premerie pro and needs to be converted. Is there a way to not have that happen? I also keep getting this "general error"... is there anyway around that?

I think it is missing some audio/video files because I have to search for them on my computer when I try to open this and I noticed the names of the files dont match up.

3) Will the project not work if I don't have all of the original components?

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4) When I tried to open the file based on the components I have on my computer, it gives me this type of screen showing "media offline." I thought I would be able to at least see the media I do have.

Thank you so much!