Only 1 hard drive is a problem... This is aimed at Premiere Pro, but may help
A link with many ideas about computer setup http://forums.adobe.com/thread/436215?tstart=0
Many of the ideas at the next link are generic enough they have helped some Non-Premiere users fix problems
Work through all of the steps (ideas) listed at http://ppro.wikia.com/wiki/Troubleshooting
If your problem isn't fixed after you follow all of the steps, report back with the DETAILS asked for in the questions at the end of the troubleshooting link
It also would help to know more about your computer: What operating system you're using, how fast your processor is and how much RAM you have.
And have you manually downloaded the latest Windows Updates and the latest version of Quicktime? It's very strange that you can launch the Organizer but not start a new Premiere Elements project.
Downloaded most recent NVIDIA drivers and all is well now. Thanks to all respondents.
Great to know and thank you for reporting!