You may not have enough room on your computer's hard drive to render your movie. 40 gigabytes is very little work space, depending on what format of video you are editing.
Also, I very much recommend that you resize all of your photos to no larger than 1000x750 pixels (72 ppi). Larger photos can definitely cause rendering problems.
Premiere Elements 9.0/9.0.1 is only a 32 bit application when run on a 32 bit or in the 32 bit compatibility mode of the 64 bit computer. This situation has great impact on whether or not you can complete project successfully. The level of your computer resources become critical.
a. How much installed and available RAM does your computer have? Because you are dealing with a 32 bit system in either case, adding more than 4 GB RAM is not going to be supported. With the 32 bit system, the maximum supported installed RAM = 4 GB of which 3 GB or less of that is available.
Physical memory (RAM) is not the same as free hard drive space.
b. As for free hard drive space, you are low on that. Do you have a USB external hard drive attached to your computer?
Downsizing photos (as has already been suggested will help), but consider
a. the USB external hard drive formatted as NTFS for the place to point your Premiere Elements 9.0/9.0.1 scratch files (See Edit Menu/Preferences/Scratch Disks).
b. clear out any pile ups of preview files, conformed audio, and conformed video files
Find out here they are following paths given in Edit Menu/Preferences/Scratch Disk Video Preview and Media Cache for preview files and conformed audio. Use Edit Menu/Preferences/Media for the conformed video.
c. run the free ccleaner CCleaner - Download
Any questions or need clarification, please do not hesitate to ask. This is not Adobe but rather a user to user forum where we share freely Premiere Elements troubleshooting information.