Clips too short

Like Jake said, your comp time is too short, so it sounds like you dragged your clip into an existing comp. If you want to created a comp that's based on the settings of your clip, you can either drag it to the empty comp window on the big buttons (you'll see this only if no timelines are open) or down to the icon at the bottom-right of the Project panel to create a new composition. Dragging the clip to that little icon will bypass the Composition Settings window and immediately create a new comp with the clip inside.

This is because your composition time is too short. Do Ctrl + K or go to Composition > Composition Settings. From here. change the duration to 0:05:00:00 (h:m:s:ms)