Do you really mean that you are using Premiere Elements 1? Please confirm the Premiere Elements version in use and on what computer operating system it is running?
What is the exact wording of this error message and when do you get it....just when you try to export your Timeline with audio content or when you import the source media into the project?
Let us put these basic facts together so that we can decide what next.
Lots more questions to come about
Source Media Properties
Video Card and its driver
Audio Card and its driver
Latest version of QuickTime installed on computer with Premiere Elements
Running computer and program from User Account with Administrative Privileges and Run As Administrator