I have adobe premiere elements 10. It was working fine until one day when I was watching my video the screen was just white. Every time I open premiere elements I get this message saying I have an incompatible display driver and to update it for better playback performance. I am assuming it has something to do with the white screen. I found a display driver that said it wasn't working properly. I think that is the one it is talking about. But I have no idea how to fix it.
Yes, the "white screen" is most often caused by a bad/obsolete video driver.
This article will give you some background, and also point you to updating your video driver: http://forums.adobe.com/message/4137087#4137087