Contact Microsoft... Beta software can cause problems, so you need to tell Microsoft
Welcome to the forum.
I have not read of the error 87 Wrong Parameter, so no direct help there, this MS document (for Windows NT) might be helpful: http://support.microsoft.com/kb/229764
As one of the main causes of PrE to not launch is a bad/obsolete video driver, I would to to the manufacturer's Web site, plug in your model of video card, and your OS (that might prove a bit tough, but check for Win8), and check to see if there is a new video driver available. If so, download it, install it, reboot, and test. Do not trust Windows, or any utility to tell you if you have the latest video driver.
Also, with a beta OS, you will likely be at the mercy of MS to update things. Beta OS's are for testing, and are not ready (usually) for actual use. When I did OS beta testing, I always used a dual-boot system, so that I could get work done, until the OS testing ended with the release of the finished product. Just as John T. points out.
Here is another MS article, that might be helpful: http://answers.microsoft.com/en-us/windows/forum/windows8_1_pr-winapps/loadlibrary-failed- with-error-87-the-parameter-is/c2cfe87c-c7d7-4371-bb79-0da75d05cd6d
I still have Windows 8 64 bit and have not upgraded so I also was unfamiliar with this error message that you presented
LoadLibrary failed with error 87: Falscher Parameter
Once I got beyond the "Falscher Parameter" and realized that translated into English as Wrong Parameter, I found many, many reports of the problem online. Apparently you are not alone. You may be ahead since you have been successful with Photoshop Elements 11 and the Elements Organizer 11 even though you cannot get into Premiere Elements11.
Like Hunt, the best one that I could find is
Please let us know the outcome.
The reason for the error seems to be an AMD/ATI OpenGL Driver. There is no Win 8.1 driver available from AMD, because my Grafik-Card (Radeon HD 4000 series) is to old and not included in the beta driver. So the proposal is:
either wait for 8.1 release or step back to Win 8. Because of other reasons I will step back.
Thank you for the update on your situation.
As suspected, the video driver is the root cause.
The problem with doing beta OS testing, is that some programs, like PrE, need to interface with the video driver, more closely than most other programs, so one needs such support.