Welcome to the forum.
That watermark is standard with the trial of PrE.
When you have the full-purchased version, and plugin your S/N, the watermark will not appear in any NEW Projects.
For the Project(s) done in the trial version, see this FAQ Entry for how to remove it, once that S/N has been plugged into the program: http://forums.adobe.com/thread/433730?tstart=30
Note: All Exported/Published + Shared output files WILL have that watermark, and there is no way to remove that, from those output files, or from a DVD-Video. Before doing any output, from a Project, done in the trial version, after activating the program, you MUST Delete the Render files.
It does sound like you have other problems though. Your video ought to play behind the watermark. Use MediaInfo or GSpot to analyse your source video file and post the details here.
Insanity is hereditary, you get it from your children
Thanks for taking up that part. I was coming back, with a suggestion for the lack of playback issue, but you were quicker, and needed to get a second cup of coffee.
For any playback, or GUI issues, I would also check that I had the very latest video driver installed. That would be the #2 "likely cause," after the actual media, that Neale asks about. To check the video driver, go to the video card mfgr's. Web site, and plug in your model card, plus your OS, and find out the latest video driver from them, nVidia, or AMD/ATI. I would not let the OS, or any utility tell if you have the latest driver - check the mfgr's. Web site for it.
Good luck, and please let us know about your Source Media, and your Project's settings.
To help with troubleshooting, some questions so people have more to work with
More information needed for someone to help... please click below and provide the requested information
-Premiere Elements FAQ http://forums.adobe.com/thread/1042180
And, exactly what are you editing?
Codec & Format information, with 2 links inside to read
-read both links in reply #1 http://forums.adobe.com/thread/1270588
Report back with the codec details of your file, use the programs below... A screen shot works well to SHOW people what you are doing
If you go through the drill of checking for the latest version of your video card driver at the web site of the manufacturer of your video card and you find that you have the latest version of that driver, then try deleting the BadDrivers.txt file. For 12, it is in a slightly different location than in prior version. If you have Windows 7 or 8 64 bit, it is found in the path....
Local Disc C
and in the 12 Folder is the BadDrivers.txt file sitting there among several folders. The one you want is not in one of those folders.
In order to see the path, make sure that you are working with Folder Option Show Hidden Files, Folders, and Drives active.
We will be watching for further developments.
I've had that happen with XP-Pro
A P4 processor.
I would always remove and re-install my video editing software.
I would then first check that my firewire connection was recognized.
Then do a restart.
And then restart the project.
I also did not use a PCI video card in those days.
I used a Dell video capture card with Dell Movie Studio software.
And I would also use Roxio software.
Sometimes things would fail--I'd be doing re-installs.
What version of Premiere Elements did you have on Window XP Professional? Premiere Elements 12, like the writer of this thread?
Problems with the same symptoms can (often do) have different causes. The answers will be in the details.
And, some principles can not always be generalized especially when dealing with older computer operating systems, older video editors, and non Adobe products.