Photoshop Elements 5.0 Attempt to access invalid address error

Everytime I try to open Photoshop Elements I get this error message

and the application refuses to load. I had this issue before and solved it by deleting Chrome (which irked me as it remains my favourite browser to use) however it appears to have come back. I'm not using Bitdefender and my operating system is Windows 7. I have tried deleting my preference folders and uninstalling and re-installing. Any help? I really don't have the money to upgrade and I like this version.