I have never seen this error code.
What operating system are you on? Have you got the latest version of Quicktime from Apple, per the program's requirements?
What exactly are you doing and with what video source when you see this message?
THE FEATURE YOU SELECTED REQUIRES ADOBE PREMIER ELEMENTS. I already have elements and am using it extensevley to ediv pictures ....
Sounds to me like you have Photoshop Elements and did not buy it with Premier Elements. They can be purchased separately or together. Both share the organizer, but Photoshop Elements is for photos only.