Please try this:
1) Close Elements.
2) Hit on PSE desktop icon to launch welcome screen
3) Click Alt+Ctrl+Shift on your keyboad and with all three keys pressed click Photo editor. Do not release when you will see a dialog box asking you to delete the PSE preferences.
4) Hit ok and check now.
1) Launch Editor.
2) Hit File->open and choose any small file of size < 1 MB and see if it opens fine
3) Try file->open as and choose any file and choose camera raw from file format and when shown ACR dialog box hit ok and will open file in editor.
I hope you are not importing fron any network location which might cause the process to slow or freeze depending on network settings and secutiry issues.
Let me know your comments,