MEMORY CARD I FORMATED THEN PRESSED OK, THEN THE CAMERA READS -ONE MOMENT- THEN AFTER A FEW SECONDS THE SCREEN TURNS BLACK

Paul,
You are using misleading words. You can format a memory card. And images can have a certain format, So I wonder what you mean.
Your camera can use the following format to save images:
5M (2592x1944pixels 4:3), 3M (2048x1536pixels 4:3),
2M (1920x1080pixels 16:9 )
VGA (640x480pixels 4:3)
To switch to another image format, press the Menu / OK button
Press the up down button till you see resolution then again press Menu / OK
with the up / down goto the format you want and press OK to confirm the selection.
The manual does not say anything about formatting the memory card. If you want to format a new memory card, put it in an external memory card reader and conner it to the computer. Format with FAT32. But my guess is, when you insert a memory card in the camera, it will show CD card inserted. that is the moment the camera will format the camera.
Success

Okay "normally" when the memory card is installed the camera reverts back to the memory card from the internal memory. Two things might be happening here one the internal memory needs to be downloaded to the memory card then saved to the computer and the internal memory card formatted. then the memory card formatted to clear those pictures. And or there is a setting switch in menu or set up that you need to manually switch from internal memory to memory card.

I know when I read this over it made scents so you might need to read it a few times to get the idea of what I'm telling you needs to be done

Make sure you don't have any pics on the internal memory. To be sure, with no card in the camera, go into the menu and find "format" and follow the on-screen instructions. Then, insert the card and go into the menu and do the format thing again to erase the card and optimize it. Use the menu and not the format option the camera has been giving you.

Try formatting your camera memory card If you own camera memory cards that have been used in other digital cameras, the card may not be properly formatted for use in your camera, or that data on the card may become corrupted. When these issues arise, your camera indicates that the camera memory card needs to be formatted.
When you format a camera memory card, all of the information on the card is erased. This includes any borders supplied on the card.

1. Set the Mode dial to Camera Setup.
2. Slide the POWER switch to the right to turn on the camera. The main Camera Setup screen appears.
   
3. Press a button until the icon is highlighted.
4. Press the DO-IT button. The Format Memory Card screen appears.
   
5. Press a button until CONTINUE FORMAT is highlighted.
6. Press the DO-IT button to format the camera memory card and return to the main Camera Setup screen.

You need to format a new card in the camera.

Hello, I went and researched a few points in the manual and hope this helps to some extent. If this doesn't help, try resetting your camera by removing the batteries for 30 seconds, then reinstalling them and turning on the camera again.
Monitor is blank:
• Camera is off.
• Batteries are not correctly inserted or battery-chamber
cover is not properly latched.
• Batteries are exhausted.
• EH-62B AC adapter (available separately) is not properly
connected.
• Camera is in sleep mode. Press shutter-release button
halfway.
• Monitor is off.
• USB cable is connected.
• AV/Video cable is connected


No picture is taken when shutter release button is pressed:


• Camera is in playback mode.
• Batteries are exhausted.
• Red (!) lamp flickers: flash is charging.
• Green (AF) lamp flickers: camera unable to focus.
• Message "CARD IS NOT FORMATTED" appears in
monitor: memory card is not formatted for use in your
camera.
• Message "OUT OF MEMORY" appears in monitor:
insufficient memory to record picture at current Image
mode setting.

Hello, I went and researched a few points in the manual and hope this helps to some extent. If this doesn't help, try resetting your camera by removing the batteries for 30 seconds, then reinstalling them and turning on the camera again. 
Monitor is blank: 
• Camera is off.
• Batteries are not correctly inserted or battery-chamber
cover is not properly latched.
• Batteries are exhausted.
• EH-62B AC adapter (available separately) is not properly
connected.
• Camera is in sleep mode. Press shutter-release button
halfway.
• Monitor is off.
• USB cable is connected.
• AV/Video cable is connected


No picture is taken when shutter release button is pressed:

• Camera is in playback mode.
• Batteries are exhausted.
• Red (!) lamp flickers: flash is charging.
• Green (AF) lamp flickers: camera unable to focus.
• Message "CARD IS NOT FORMATTED" appears in
monitor: memory card is not formatted for use in your
camera.
• Message "OUT OF MEMORY" appears in monitor:
insufficient memory to record picture at current Image Mode selection.

Its possible that there may be an error on the camera try to reset the camera by

1. Turn the mode lever to the camera or play button
2. Press and hold the MENU button for more than 5 seconds.
3, The message "reset settings to default?" appears
4. Use teh arrow buttons to selelct ok. then press the SET button.
5. It should then reset the camera.
AFter doing that and the problem is still there. Format the memory card using the camera.

I hope this has answered your question sufficiently. If you have more questions please post a reply and i would be happy to assist. Thanks.

i think this problem arises when you fail to regularly format the card ie. take lots of pictures and delete some and repeat the process over and over instead of downloading every session and formatting the card causing coruption. Also if you've bought pro duo memory stick off ebay poss. its a very good forgery (again i've been caught out by this).

Format the card in the Camera- read your manual