What version of Premiere Elements are you using and on what computer operating system is it running?
Do you have the latest version of QuickTime installed on your computer with Premiere Elements?
We need to know the properties of that video that you are trying to import into your Premiere Elements project. We
could give you links to video properties readout programs such as MediaInfo and GSpot, but we might get all we
need to know from the brand/model/settings for the camera that recorded the video. Is this cell phone video by any chance?
The answers will be in the details, so please give us the details with which to help you.
Looking forward to your follow up.