I recently downloaded the trial version of Premier Elements, however, I haven't been able to use it. I have Windows XP on a Dell Dimension 4700, and have undated everything that is required, even a display update that was out of date. The program will load, and when I attempt to add a video file, it freezes. That's as far as I can get with it. So far, not very useful. I would really like to try this product.
Moving this discussion to the Premiere Elements forum.
Welcome to the forum.
Along with the answers to the questions that John T. posed, take a look at this FAQ Entry: http://forums.adobe.com/thread/792580?tstart=0
As the main cause of issues with PrE is the video driver, please let us know the make/model of your Dell's video card, and also the date and number of your recently installed video driver.