[moved to premiere elements forum]
If you are using Premiere Elements 11 on Windows Vista 32 or 64 bit, it is a 32 bit application running in the 32 bit compatibility mode of the 64 bit system and a 32 bit application running in the 32 bit system. As such, the maximum supported installed RAM is 4.0 GB of which 3.0 GB or less are available. But we will put that aside for now.
What are the properties of your source media and what project preset are you setting? Please give the details of the Publish+Share/Computer/Windows Media preset as well as the settings under the presets Advanced Button/Video and Audio tabs. Of specific interest are the combo of video and audio codecs.
Please confirm that you are saying that the problem does not exist for playback of the rendered Timeline in the Edit Mode Monitor prior to the Windows Media export.
You may also want to try to play the WMV in a different media player -- like the VLC Player -- to see if the audio problem is unique to Windows Media Player.