As you can see if you look over this forum, the latest round of nVidia drivers has been breaking programs right and left, including Premiere Elements.
Until nVidia provides a solution, you can try rolling back your drivers to version 368.2.2.
I'm assuming Nvidia won't do that soon, so I'm just going to resort to using Sony Vegas Pro or something of that sort.
I also have an issue with Premiere Pro.... is this also due to Nvidia's latest round of drivers? Take a look, if you want. It would be appreciated. The others didn't seem to have a fix for it. I got a notification in the bottom right by the way which said that the application had been blocked from accessing graphics hardware.... Premiere Pro 2017 crashes computer when scrubbing the timeline?