Did you purchase Premiere Elements 14 as a download from Adobe web site?
Have you gone through the usual drill, video card/graphics card driver version up to date, latest version of QuickTime 7 installed, running programs as administrator.....?
If you have just purchased the product, while you still have the opportunity (current version, recent purchase), you might want to get Adobe Support involved via its online Adobe Chat (Downloading, Installing, and Setting Up).
Just to confirm....are you saying that Premiere Elements 13/13.1 runs OK on the same computer, Timeline content as Premiere Elements 14? Are you running from the 14.1 Update, or are you still on 14? If you have updated 14 to 14.1, did the Timeline content play OK in the 14 version?
Thank you A .T., I just solve the problem a second ago. I had gone through the usual drill, but not carefully enough! I found out that I had the wrong audio hardware selected in the preferences. That's all. Now it's working fine.
Ugh! It's usually something stupid isn't it? Thank you for your response though, much appreciated.
Thanks for the great follow up news. You did a great job in identifying the cause of the problem and correcting the situation.
With your follow up, you have learned and, in sharing that solution, you have helped others who might be looking for answers for a similar problem.