It depends on which processor it is and how many cores you have.
But, generally, I always recommend having at least twice the recommended minimums for any hardware. The 2 ghz Adobe recommends for Premiere Elements is based on a single-core Pentium. If you've got a quad-core processor, you're probably okay. A dual-core 1.4 ghz is a bit anemic for video editing -- although it also depends on which model of camcorder your video is coming from and if you're editing two-minute videos for YouTube or 1 hour videos for BluRay discs.
What model of processor do you have?
Have you downloaded the free demo and given it a test drive?