Try deleting any corrupt preferences by launching the program and holding down the Ctrl+Alt+Shift keys on the LEFT SIDE of your keyboard. If you hold down these keys long enough, you should get an indicator that the program is changing something on Windows -- which is what you want.
Alternatively, you can delete the Adobe Premiere Elements Prefs file manually if you have Show Hidden Files enabled in Windows: Go to C:\Users\<username>\AppData\Roaming\Adobe\Premiere Elements/12.0. (If you have more version of the program running, this file will be under Premiere Elements\ rather than Premiere Elements\12.0)
If this doesn't work, try opening one of the Auto Saves of your project file.
Trying the CTRL-ALT-SHIFT method didn't have any effect on the program. I deleted the Prefs file too and the same problems persist. The only difference now is that the recently edited projects no longer can be opened directly from the welcome screen.
It's hard to say what's going on, Syrrcbij, without a lot more specific troubleshooting than we can do on this forum.
But two final general things are worth giving a try.
1) Download the great free program Driver Booster and ensure all of your drivers are up to date.
2) Download CCleaner and have it do a registry cleaning.