Have you done a Google search on this error code? It's not unique to Premiere Elements, and seems to be related to a missing or damaged driver.
What operating system do you have? Have you fully updated it?
What graphics card do you have? Have you manually gone to the ATI or nVidia web site and downloaded the latest drivers for it?
Ways to repair "0xc000007b fix"
With this error, like with most system or application errors, the user is usually given the option to send an error report to the software publisher, which is a good way to help the publisher eliminate such errors in future software versions. For a more immediate fix, advanced PC users may be able to repair the error by manually editing the registry, and others may want to hire a technician to do it for them. However, since any manipulations with the Windows registry always carry a risk of rendering the operating system unbootable, whenever a user is in any doubt of their technical skills or knowledge, they should only use special software that is meant to repair the Windows registry without requiring any special skills from the user.
Safe way to repair the error:
Click here to download the error repair application
Install and launch the application
Click the Scan Now button to detect error causes
Click the Repair All button to fix the error
The same application can be used to run preventative measures to reduce the chance of this or other system errors appearing in the future.
ANOTHER WANTS ME TO GET SMARTPCFIXER AND RUN IT:
NOT SURE WHO TO TRUST
DO NOT INSTALL ANY PROGRAM THAT PROMISES TO FIX YOUR COMPUTER EVER!
I have used Photoshop Elements 12 for a few years and decided to upgrade to 14. I had problems with it working on my Laptop in getting it to work with an error message 0xc000007b. Installed, uninstalled, played with Windows 10 dll files, reboots up the roof. I had “Geeks” look at it for 5 days and $99.00 later got it to work on my Laptop. Then I crossed my fingers and tried it on my desktop computer. It installed OK and started up OK. The only problem I now have is with the tab. With Photoshop Elements 12’s button or tab, you see all your editing programs like LR ,PS ,ON1, Topez, and Portrait Professional that you can link to. With the new Photoshop Elements 14 they are not there to link to. Good thing I never uninstalled my “old” Photoshop Elements 12. How can I get the new Photoshop Elements 14 to see all my other software like Photoshop Elements 12 does on the tab. Do I have to uninstall and re-install all my other programs in order to have Photoshop Elements 14 to see them? That’s a lot of sugar for a nickel!
Reinstalling them should correct things.
The programs would install the proper files into Elements program files.