150:30 is typically a licensing failure. Is export to WMV the only place where you get this error?
Usual Premiere Elements 8 drill...
1. Do you have the 8.0.1 Update installed?
2. Are the automatic background rendering and auto analyzer features disabled?
3. What computer operating system?
Please see the Adobe document on Licensing failures Windows
Please consider, and then let us know the outcome.
Any questions or need clarification on any of the above, please do not hesitate to ask.
Add On...we will start with the above and then move on to project information as indicated.