Do you happen to also have a CS3 program, like Photoshop, installed on your computer? This error code seems to be often associated with it.
Otherwise, here's what I would recommend.
1) Uninstall Premiere and Photoshop Elements, removing the preferences (This will not affect any work you have in progress).
2) Manually update your operating system, per the FAQS to the right of this forum -- especially ensuring that you have the latest Quicktime.
3) You may also want to do some clean-up of your system and registry.
Then reinstall the software, installing Premiere Elements first.
Thanks for your suggestions. I will give them a try and report back on how things went.
I uninstalled Photoshop Elements 7 and Premiere Elements 7 then I used Revo Uninstaller to remove as many codec packages as I could find, including a version of ffdshow that was related to Audacity. I then used CCleaner to 'clean' the registry. I also uninstalled Quicktime.
I have reinstalled Premiere Elements 7 and so far it hasn't crashed at all, whereas before it crashed about a quarter of the time. I also installed Quicktime and it Premiere Elements 7 is still starting up fine (I've tested it over twenty times so far.) I will install Photoshop Elements 7 and see if that has any effect.
Thanks for your help and I'll repost if I experience the crashes again.
That is good news. Thanks for reporting your "cleaning steps."
Here's to good luck with PSE too!