What version of Premiere Elements are you using and on what computer operating system is it running? For now I will assume some version of Premiere Elements on some version/edition of Windows.
What type of a situation is this....are you using the program and effects for the first time? In other words, is this "it worked before but not now" or "it never worked before"?
Depending on your answers, we could go directly to
Deactivate (or Sign Out) with the project
Uninstall via the usual Control Panel Route
ccleaner run through (regular cleaner and registry cleaner parts)
Reinstall with antivirus and firewalls disabled.
If this is not a Premiere Elemens 12 issue, we may be getting involved with the SmartSound feature.
If this is not a Premiere Elements 11 and 12 issue, have you installed the Content from the additional installation disc or from Adobe online?
The answers will be in the details.