Please read the Announcement at the top of the Premiere Elements Forum, relating to the 1/2 wmv display caused by a recent Windows Update.
Many threads written about this with lots of details. But, see the Announcement and the recent threads on the topic.
If you you still have questions, please post back with more details.
Hey ATR, Thanks!
I discovered that it was update KB2803821.
I uninstalled it and we are make in business!
Thanks for replying so quickly.