It appears that another program has either hijacked, corrupted or taken over your libcef.dll driver. (Games are notorious for doing this.)
Here is a solution I found online. I can't vouch for it, but it seemed to work for the person who had a similar problem.
BTW, before you do anything, make sure that you're not trying to install the 64-bit version of the program on a 32-bit operating system.
Tried Deleting all instances of the file on the computer then reinstalling, to no avail
Still not working and generates same error
Since you're asking about Photoshop Elements, have you considered posting your question to the Photoshop Elements forum rather than the Premiere Elements forum?
You may want to mention if you are using your computer as a gaming machine.