Moving to Premiere Elements forums.
You should be able to install Premiere Elements 8 on Windows 8.1 64 bit. To run it successfully, some of the key factors are
1. running as the 8.0.1 Update
2. And running with automatic Background Rendering and AutoAnalyzer features disabled.
We can make progress in the troubleshooting, when you give the exact wording of the error message
It states that something is corrupt but disc is in perfect condition??
There are other factors, but the above will get us started on the path to find a solution to your issue.
We will be watching for your details.