What version of Premiere Elements? Is your Windows 7 32 or 64 bit? I suspect that it is 32 bit based on x86 PC information that you posted.
For now, general questions...
1. Does the problem exist with and without the antivirus and firewall(s) disabled?
2. Is your video card/graphic card driver version up to date according to the web site of the manufacturer of the card or the manufacturer of the compute?
3. Do you have the latest version of QuickTime installed on your computer along with Premiere Elements?
4. Are you running the programs as administrator?
5. Is this a "it worked before but not now" or "it never worked before" problem?
There are more questions that need answers, but let us start with those above in order to plan a troubleshooting strategy.
Any questions or need clarification on any of the above, please do not hesitate to ask.