Welcome to the forum.
Unfortunately, you have posted to the PrPro CS 5 - CS 6 Forum, so perhaps one of the MOD's will move you to the PrElements Forum.
In the meantime, take a look at this Adobe KB Article on C++ RunTime Errors: http://forums.adobe.com/message/4669828#4669828
For future reference, you need http://forums.adobe.com/community/premiere_elements for PrElements questions
You might also want to search http://search.microsoft.com/search.aspx?mkt=en-US&setlang=en-US for Microsoft help with C runtime errors