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Well, I'm not sure Adobe is mocking you -- but you do need to register and activate the program online before it will be fully functional. It's a pretty simple process involving the same login name and password you're using to log in to this forum, so I'm not sure why you're having problems doing it.
Meantime, have you gone to the Help menu and selected Check for Updates to get the version 8.01 patch for the program?
Have you manually gone to Windows Update and ensured you have even the non-critical updates for the program. (Many of these updates will stabilize your hardware drivers.) And have you gone to Apple.com, per the program's instructions, and downloaded the latest version of Quicktime?
Finally, it's important to indicate whether the problems you're having with this program happen before or after you begin a project. If your problems happen before you put any video into your project, it could be an issue with your system. Windows 7 64-bit still isn't quite ripe, when it comes to interfacing with intensive 32-bit programs like Premiere Elements. It's getting better every day -- but some people on not-quite-stable systems are still having problems.
But if it's happening after you load video into your project, it's more likely related to your source video. What kind of camcorder is your video coming from and how did you get it into your program? As I discuss in detail in my books, not all video will work effectively in Premiere Elements.
I think you're on to something here. First, my operating system is completely up to date and I've downloaded the 8.01 patch so we're good there. I also do have an authentication username and password that I've set up with premiere. What perplexing to me is why elements isn't authenticating. I found over the weekend that if I log onto the site manually, elements starts working fine. However, if I simply open elements without logging into the site, then the program doesn't work. Although the manual workaround is doable, it's a bit of a pain. Do you have any idea how to fix the automatic login?