On what computer operating system are you running Premiere Elements 11?
Is this a "it worked before but not now" or a "it never worked before" issue since you mention "reinstall".
For now, I am assuming that you are using Windows 7, 8, or 8.1 64 bit.
At what phase of the installation is the error message appearing?
Consider a deactivation, uninstall, free ccleaner run through (regular and registry parts), and reinstall with antivirus and firewall(s) disabled.
Please review and consider, supply more information, and we will decide what next based on the details of your reply. Also mention...
a. does the problem exist with or without the antivirus and firewall(s) disabled?
b. do you have the latest version of QuickTime installed on your computer?
c. are you running the programs as administrator?