What version of Premiere Elements are you using and on what computer operating system is it running?
Windows 8 and 8.1 64 bit (independent of Premiere Elements) have problems with what will or will not play in its Windows Media Player. Files with MPEG2 compression seem to be a major problem in that regard.
I have been able to open videos with the .mov file extension in Windows Media Player or QuickTime (better results in QuickTime) on Windows 7 and 8.1 64 bit. But a rule of thumb might be to try either player for your file, if problems, download and install the VLC player and determine if that works for your overall video playback needs. There is also a Media Classic Player HC that you might want to consider.