do you have "Use External Binary Morph Targets" checked in your preferences (it's on the last tab)? Might be a corrupted .pmd file. Happens frequently. If you have the above checked, uncheck it.

Also, did you do any scaling to the clothing? Magnets? Deformers?

I'm thinking it's the .pmd file. Other's know better than I tho ;o)

Laurie