My understanding of your question is that you want to save a 5 minute section to a new file... correct?
Some reading that may help
Importing Video http://forums.adobe.com/thread/1065281
-and project settings http://forums.adobe.com/thread/1112086
Saving & Sharing http://forums.adobe.com/thread/1051093
Sharing for Computer http://forums.adobe.com/thread/1058237
Steve's Basic Training Tutorials... steps are the same for several versions
What you are describing is editing a video -- which is what a video editing program does.
What model of camcorder is this video on and what format and resolution is it?
Yes, what I am describing is indeed editing a video. Adobe Premiere is supposed to be a video editing program. What I want to do is the most basic task imaginable. I don't understand why that poses such a problem. I've got a video file which is arbitrarily coded, say video.xyz. I want to perform operations on that file which lead to a new file containing only a part of the first files contents. Reasonably the target file uses exactly the same coding as the source does. There is no recoding required, no re-rendering or anything, just cut out a part of the material and discard the rest.
Well, you haven't said what steps you're taking and what results you're getting, so we can diagnose your problem.
But what model of camcorder is your video coming from and what format and resolution is it? Did you use Premiere Elements' Add Media tools to get the video from the camcorder to your computer?
How fast is your processor and how much RAM do you have?
You do also have to consider the fact that you're using a brand new operating system. And, while Premiere Elements should work fine on it, it may take Windows 8 sp2 before the bugs are worked out.
But we can address your problems more specifically when you give us more details. And you assure us that you used Premiere Elements, not Windows Explorer, to get the video from your camcorder to your computer.
My free 8 part Basic Training tutorial series will show you the basics of setting up a project, adding media and doing basic video editing.
Also, have you ensured your computer has the latest version of Quicktime, per the program's requirements?