If it used to work and now doesn't, the first question to ask yourself is, What has changed?
You have plenty of disc space, which I assume you keep clean. You don't mention other software you have installed on your computer, but that is also something to consider.
Meantime, do consider the fact that version 8 was one of Adobe's clunkiest models. (In fact, the update they released a month after its release was to catch a bunch of bugs they didn't fix before they released it.) An upgrade to version 9 or, better, version 11 will likely resolve most of your problems.
But if you're intent on using version 8, you'll need to figure out what loaded onto your computer in between when it did work and when it stopped.
When it was working I did have a lot of problems with version 8. I was thinking about purchasing version 11, but I was afraid that whatever was causing the issues launching version 8 may effect version 11 the same way. I saw something in the forum about VST plug ins and .dll files. When I looked at the crash report it showed several hundred lines that contained .dll files??? Not sure if this is related or not.
<crash exception="EXCEPTION_UNKNOWN" instruction="0x738fed53">
<binaryImage start="0x00400000" end="0x008de000" type="__TEXT" path="c:\Program Files (x86)\Adobe\Adobe Premiere Elements 8.0\Adobe Premiere Elements.exe"/>
<binaryImage start="0x77820000" end="0x779a0000" type="__TEXT" path="C:\Windows\SysWOW64\ntdll.dll"/>
<binaryImage start="0x75410000" end="0x75520000" type="__TEXT" path="C:\Windows\SysWOW64\kernel32.dll"/>
<binaryImage start="0x75300000" end="0x75347000" type="__TEXT" path="C:\Windows\SysWOW64\KERNELBASE.dll"/>