Can I install Premiere Elements 4 on my Dell XPS 2710 all-in-one running windows 8 64 bit and intel pentium 5 processor with all other system requirements being met? I have another PC that is running windows 7 64 bit and would like to install on that as well if possible but don't want to waste my time trying if its going to be countless updates and fixes and glitches due to old software version and new OS's.
The only update issued for PRE4 was for Camera Raw and Adobe DNG - a small 6.2MB update http://www.adobe.com/support/downloads/product.jsp?product=101&platform=Windows so I should think you would be fine installing it on your W8 /W7 machines.
Note though that a lot of the modern compressed video formats are unlikely to load to PRE4 and if they do editing may possibly be jerky. But if you're still working with cameras producing PRE4 compatible formats you should be OK.
Insanity is hereditary, you get it from your children