I have two projects I am editing in premiere in which the camera looks like its slightly shaking up and down even though i was nowhere near the camera when it was recording. What do I do?

It's hard to picture what you're talking about because you haven't posted a sample of the video, told us what camera you are using, or given any technical notes about the camera's video settings or the NLE's settings. However, if you were shooting interlaced, perhaps the field order is reversed on your timeline. That's one possibility that might cause some jitters.

I've always been amazed at how well Mercalli 2 works. They make a plugin for Premier too.
proDAD Mercalli V2 - 3D image stabilizer, rolling shutter removal, zoom optimisation, pan shot optimisation (http://www.prodad.com/home/products/videostabilizing/300391667,l-us.xhtml)

i second mercali 2. its a great program for getting rid of shaky footage.

How do you know the camera was even shaking? That has not been established from his description of the problem. For all we know, the footage is rock solid and the jitters is caused by problems in post.
It's best to diagnose the problem properly before jumping to a cure.

Sounds to me like the OIS could have gone haywire. I've heard of this happening on a few Sony camcorders, and my own Z1 was so affected while I was filming near an electric railway a few years ago. But as regards 'what can I do?', I'd say I'm a Mercalli believer too.

Or it could be Premiere alternating between fields if it's interlaced footage, that can cause the image to jitter up and down.

Alister, good to know you agree. That was one of my suggestions in post #2.
But all we can do is guess without more info. I'm done speculating.

I'd go back to your setup for shooting first. Were you outside - was it windy? Was your tripod set up on on a floor that transmitted vibrations? Did you weight your tripod to dampen vibrations? Then post a clip so we can see the problem.

I am surprised so many have taken the time to respond to this problem, especially as the poster has not uploaded a sample. It seems that quite a few posts have been made on these forums whereby we are being told about a problem, but no sample s are posted. Maybe we should just ignore any posts that do not give the full picture.

On a more positive note, Happy Easter to all.

I'm sorry I haven't gotten back.

-The video was captured in an auditorium from an EX3 on a tripod. I was close by but I never touched the camera while it was recording.

-Sometimes the footage seems jumpy if it isn't rendered but that doesn't seem to be the case here.

It might actually just be the camera shaking. I've tried to get a sample up but i don't have the time to mess with it right now. Thanks everyone for your help. I'm going to get that plugin eventually.