Make sure you delete the BadDriver.txt file, per the following FAQ article.
As for your playback problem, we'll need to know a lot more about your situation.
What version of the program are you using? What are your project settings, as listed under the Edit menu?
What operating system are you using? Have you got the latest version of Quicktime, per the program's requirements?
What model of camcorder is video from and what format and resolution is it?
What version of Premiere Elements are you using and on what computer operating system is it running?
If it is Premiere Elements 10 and you have a NVIDIA video card, then you may have joined the crowd with NVIDIA video card driver issues. In these cases, for now, the answer is to roll back the driver instead of assuring that you have the latest one.
If that does not apply to you, then we will seek other reasons for your reported issue.
But, let us know the details of your situation.
yes that is my issue, so how do i rollback my driver?
Typically it can be through the device manager.
Please check out one of the articles available online via Google Search
But, if problems doing this, I suggest that you contact NVIDIA direct since there have been some reports that NVIDIA has been of assistance to some with regard to this specific issue.
Please let us know the outcome.