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restart your computer and click directly on the exe in the adobe installation premiere directory. do not click on a shortcut.
if that fails, start here: http://helpx.adobe.com/creative-suite/kb/troubleshoot-launch-issues-problems-cs5.html
Moving this discussion to the Premiere Elements forum.
So you're saying that it was working but is not now?
Have you tried this?
Otherwise, the issue is likely Windows 8, which remains a bit of a wild card (at least until SP1 is released).
Until Windows 8 releases SP1, manually go to the Windows Update screen and make sure you're getting the optional as well as the automatic updates. They don't download unless you select the option, and they can include some important system updates.
Also make sure you've got the latest version of Quicktime.
If that doesn't do it, it may not be a problem we can resolve on this forum. Sorry.
Please manually clean up after uninstalling the application by following the steps on the link: http://helpx.adobe.com/photoshop-elements/kb/manually-remove-photoshop-elements-11.html
Then, install again.