The smartest thing to do would be to convert that WMV file to a DV-AVI before you bring it into Premiere Elements. That way you can ensure its frame szie and codecs are correct.
Windows MovieMaker will do that conversion, per the FAQs to the right of this forum.
This should also reduce your transcoding time from 9 hours to more like 1 or 2 hours.
Also, do ensure that your Premiere Elements project is using the standard DV project preset.
My books, available on Amazon.com and at the Muvipix.com store, offer much more detail on the whys and hows of using AVIs as your source files whenever possible.
Welcome to the forum.
As Steve points out, WMV is a tough format/CODEC to deal with. It requires a lot of processing to use. It's far easier on the computer and the program, to do the conversion, prior to Import. For an SD (Standard Definition) Project, the recommended DV-AVI Type II w/ 48KHz 16-bit PCM/WAV Audio is as good as it gets. Editing will be much easier, and Export/Transcoding will go far more quickly. Note: DV-AVI Type II files will be about 13GB/hour of Duration.
There are many conversion programs available, and many are freeware. One that gets a lot of recs. here is Prism. I have never used it, as I have DigitalMedia Converter 2.7, but it's shareware. One feature that I like about it is the batch conversion, even from mixed source files. I load it, check my settings, and hit Convert. After a cup of coffee, all of my files are ready to be Imported and edited.