Right click the program icon and select a Windows compatibility mode in the pop up option window... but I don't know if even that will work with such an old program
There is no patch for installing Premiere Elements 1 on Windows 7 (assumed 64 bit).
I had problems installing Premiere Elements 2 on Windows 7 but got around that by installing 2 on the
Windows XP Mode which was integrated with Windows 7 Professional SP1 64 bit.
Right clicking the program's icon and selecting Properties and then Compatibility Tab and setting for an older operating system might work as suggested by John.
But, I had to use the Windows XP Mode of Windows 7 Professional to get the install for 2. That Windows XP Mode is no longer available since Microsoft
stopped support for Windows XP.