If this is footage that played before, try updating or rolling back your video driver.
If this is new footage, what are its properties and frame rate? Variable frame rate media may need to be converted to constant frame rate with HandBrake.
ATR identified an issue that seems to be unique to version 10 and nVidia graphics.
The only solution she found was to roll back the graphics card drivers to May 2013. (Though it's also possible that nVidia resolved this issue with a NEWER driver -- but, since you're working with a five year old version of the program, that's not likely.
In any event, the problem is unique to version 10 of Premiere Elements. So upgrading to any more recent version should resolve the issue.