moving to Premiere Elements forum
>new HP with Windows 7
LOTS of other information needed...
The "usual" suspect is an out of date video driver... check at the vendor site for your video graphics card (usually ATI or nVidia) and make sure you have an updated driver... do NOT let Windows Update do this for you
Field Order Reversal = Flicker http://forums.adobe.com/thread/977951
HP Fingerprint/Password conflict http://forums.adobe.com/thread/911575
You also need to be sure that your project matches your video... if project/video match, you will NOT have a red line over the timeline when you 1st import the video
Steve's Basic Training Tutorials http://forums.adobe.com/thread/537685
Right click the PDF link in the upper right corner and select to save to your hard drive
Or, at the very least, tell us what model of camcorder your video is coming from and what format and resolution it is.
Then tell us what settings you selected when you started your Premiere Elements project. If you selected the ideal settings for your source video, you will NOT see red lines above your clips when you add them to your timeline. Is that the case in your project?