For Windows, do NOT rely on Windows Update to have current driver information
-you need to go direct to the vendor web site and check updates for yourself
ATI Driver Autodetect http://support.amd.com/en-us/download/auto-detect-tool
nVidia Driver Downloads http://www.nvidia.com/Download/index.aspx?lang=en-us
The directions to the BadDrivers.txt file for Premiere Elements 12 running in Windows 7, 8, and 8.1 64 bit needs some clarification in view of what has been referenced.
The path in Windows 7, 8, and 8.1 64 bit
Local Disk C
and the BadDrivers.txt file is a file in the Premiere Elements Folder. Again, it is file in the Premiere Elements Folder. It is not in one of the folders in the Premiere Elements Folder.
And, in order to see the complete path, you need to be working with the Folder Option Show Hidden Files, Folders, and Drives active.
Have you been able to open Premiere Elements 12 Windows at all? That is, are you involved in trying to open a new project or a pre-existing project? If existing project, that will bring up a new line of questions.
If you need clarification on anything written, please do not hesitate to ask.