Please try couple of probable solutions as mentioned below:
Solution 2: In case any network printer is attached try to launch without network or printer uninstall or make different printer as default.
Solution 3: Try launching with anti-virus off or removing PSE from conflicting list.
Solution 4: Launch Editor directly from the exe. Go to C:\Program Files (x86)\Adobe\Photoshop Elements 11" and launch PhotoshopElementsEditor.exe
Thanks so much for your input.
Sometimes, the most elegant solutions are the dumbest ones.
I re-booted and all is fine
But, I have saved your comments for future reference.