I made a newbie error in setting up my first Premiere Elements 7 project - I selected 720p preset even though all the media I was importing was 4:3 (Flip cam standard res video/audio, and screen-captured (from a 4:3 screen) video of a PowerPoint Presentation).
When I used the built-in share-to-YouTube function, I got black framing above and below, as well as on either side, which makes the clips of the slide show completely illegible. Is there a way to render the video and then do a separate upload to YouTube so that it will at least be just standard letterboxing with the black on the sides? I really don't want to have to start over completely (though I learned an important lesson about preset selection!)
Technically, you can't change your project settings mid-project. However, if you open the .prel file in a text editor (like WordPad) you may be able to hack into its settings as described in this thread.
Note that your settings will be different if you are on the NTSC rather than PAL standard.
This is because your Project Preset (chosen at New Project) does not match your Assets. You will want to do a New Project with the proper settings. This would be either the PAL Standard (4:3) DV, or the NTSC Standard DV, depending on where you live.
The Project Preset must match your Assets 100%.
Also, see this FAQ Entry of working with Flip footage.
[Edit] Looks like Steve beat me to the punch!