On what computer operating system is Premiere Elements 8 running?
Does the 150:30 message come up when you open a new or existing project or both?
This appears to be a licensing issue. Please consider using the Adobe Licensing Repair Tool to determine if that will work for you.
Please review and consider, and supply more information. Then we can discuss what next based on the details of your reply. Depending on your results, an uninstall, free ccleaner run through (regular cleaner and registry cleaner parts), and reinstall with antivirus and firewall(s) disabled may be indicated as next step.
Add On...typical reminders for Premiere Elements 8 users...
Are you running the program as the 8.0.1 Update?
Have you disabled the automatic Background Rendering and AutoAnalzyer features?
Does problem exist with and without the antivirus and firewall(s) disabled?