Please try to run Premiere elements 7 in compatibility mode.
Right click on premiere elements 7 and click on properties.
Click on the compatibility tab and check the option "Run this program in compatibility mode" and choose the OS as Windows XP.
Also, do you have an up to date graphics driver?
What is your exact brand/model graphics adapter (ATI or nVidia or ???)
What is your exact graphics adapter driver version?
Have you gone to the vendor web site to check for a newer driver?
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
Also try the below steps
Choose Start > Documents.
Navigate to the following folder
Rename the Styles folder to Old Styles.
Start Adobe Premiere Elements and check again.
I have found Premiere Elements 7 to be compatible with Windows 7, 8, or 8.1 64 bit with no need to run it via a Properties/Compatibility Mode check off for another operating system.
So, it will be interesting to learn of your results when you do that as per the suggestion of another in your thread.
Have you gone through the drill of
a. latest version of QuickTime and you see your QuickTime presets in Share/Personal Computer/QuickTime?
b. running program from User Account with Administrative Privileges...even if you are, do the right click of the Premiere Elements 7 desktop icon and selection of Run As Administrator?
c. have you looked at the performance of the program with and without antivirus program disabled?
Do you use a lot of title templates in your Premiere Elements 7 projects?
The program had no problem opening in compatibility mode. Thanks for your precious help!
I keep getting the same error message "Sorry a serious error has occured" and the program closes! I was almost done with my project... It worked ok in compatibility mode for a while and then I could not open my project anymore. The Windows troubleshooting says it's not a compatible program, but I've used it before and it worked fine. I tried renaming to old styles, does not work either. Thanks for your help!
Ok, it finally opened in compatibility mode with Windows 7... We'll see if it lasts!!!
I will go along with the expression "Don't mess with a good thing", and I hope that your Premiere Elements 7 continues to work in Windows 8 64 bit in the Windows 7 compatibility mode that you forced on it.
But, if you should have another setback, please explore letting the program run in WIndows 8, not 7. If you have not already, right click the desktop icon and select Run As Administrator.