I will do more homework on this. Right now I am just guessing.
This is a new install, correct? Never worked before....what video card do you have and is the driver up to day according to the manufacturer of the video card?
What computer operating system are you running Premiere Elements 11 on (32 or 64 bit)?
Usual drill...latest version of QuickTime installed and running from a User Account with Administrative Privileges?
I have never heard of a Faulting Module 126, but a bit of research turned up this YouTube tutorial on fixing it: http://www.youtube.com/watch?v=C6QPp3wM_QE
Seems that it might be a problem with OpenGL on some AMD/ATI video cards.