incorrect arguments to execute

i am using the development release of mysql and have a PROCEDURE that
executes a prepared statement. it works fine when i call the procedure
but repeating it multiple times produces an "incorrect arguments to
execute" error.

replacing the prepared statement with a normal statement eliminates the
error.

is this due to the release or is a prepared statement not allowed in the
procedure?

i read somewhere that procedures are precompiled and hence will it be as
fast as calling it multiple times without using the prepared statement?