Can you tell us more about the video you're trying to edit when you get this error code? (Or are you saying that the program crashes with this code with no projects open?)
Any information the type of camcorder you're getting your video from, how you go the video onto your computer and what project settings you're using in Premiere Elements will be very helpful.
I wonder if it is the high definition audio drivers on your computer. They are probably RealTek, you could try updating them.
After taking Paul's advice, you might want to go to Control Panel>System>Hardware>Device Manager, and open it up. Go to Sound, video and game controllers (might be called something similar in Vista). Look for your Realtek High Definition Audio and Dbl-click on it. Open up and check everything there.Make sure you have no errors.
Next, go to Edit>Preferences>Audio Hardware and look at ASIO Settings. Check that your Realtek HD Audio output is checked for both Ports (Input & Output).
With Paul's suggestion, and making sure that the Realtek is selected, you *should* not get that error.
If you do, please post back.
I would also recommend Steve Grisetti's two books on Premiere Elements. The first is designated for PE2, but very much of it still applies to later versions. His new book is focused on PE7, but contains a lot of great info on video editing in general (as does the first book).
There is also a forum/site Muvipix, that is dedicated to helping people use aspects of video, audio and still. It also has a lot of great tutorials, plus a lot of Assets, like Menus, and stock footage. Much of that is free and available, and all is accessible with a subscription.