What model of camcorder is this video coming from and what format and resolution is it?
Open the file in G Spot or Media Info and post to this forum the format, resolution frame rate and audio and video codecs listed.
Also, some general troubleshooting questions
•What operating system? This should include specific minor version numbers, like "Mac OSX v10.6.8"---not just "Mac".
•Have you installed any recent program or OS updates? (If not, you should. They fix a lot of problems.)
•What kind(s) of image file(s)? When talking about camera raw files, include the model of camera.
•What other software are you running?
•Tell us about your computer hardware. How much RAM is installed? How much free space is on your system (C:) drive?
•Has this ever worked before? If so, do you recall any changes you made to Premiere Elements, such as adding Plug-ins, brushes, etc.? Did you make any changes to your system, such as updating hardware, printers or drivers; or installing/uninstalling any programs?
And some other questions...
•Have you viewed the tutorial links at http://forums.adobe.com/thread/1275830 page?
•Which version of Quicktime do you have installed?