I was trying to do the same thing and convert to FLV but gave up and converted to mpeg then used ' Handbrake ' to convert the files it took 17 minutes in premiere elements to render 35 min video to mpeg then another 20 to render it to MP4 for Vimeo at 1500Kbs and full frame. Elements is a little bit weird when it comes to outputting files. Handbrake is open source so it's free download and Vimeo site has a tutorial on settings under ' compression' and at the bottom of that page, is a link to ' Uegenia ' persons blog on it. Good luck!
I don't know enough about that camera specs (or even if it's a still camera that shoots video) to say why it's taking so long -- although it certainly can take a while to render non-standard video. Even still, rendering time shouldn't take that much longer than the actual running time of the clip, especially with your rig.
What format of video is that camera saving anyway? Have you tried converting it to more traditional DV-AVI first, per the FAQs to the right of this forum?
Along with Steve's question on your source footage, please tell us about your Project Preset (chosen with New Project) and also the Export/Share specs that you are outputting to. Those can all play a big role in the time to output the file.
I didn't wait the full six plus hours to render mine I shut it down but the preset was for standard DV 48khz from a DV camera and the output was FLV with full frame @ 1575 Kbs output for a 35 minute clip.