Welcome to the forum.
First, I would start by giving us some details:
- What version of PrE?
- What OS version are you using?
- What video card/chip do you have on your computer?
- What is the video driver version, date and number?
- Is that the latest version from nVidia, or AMD/ATI?
The answers are in the details, especially starting with the name of the Premiere Elements version in use and the computer operating system on which it is running.
So in the absence of that and other information, I will be generalizing.
With that type of error, I am suspecting a licensing issue.
Please review a similar happening in the Photoshop Elements area
Please let us know if the above had any impact on your situation. If not, please supply more information so that you can help you.