Go to C:/PROGRAM FILES/ADOBE/PREMIERE ELEMENTS 8 and see if any of the .dll's (Display, for instance) are dated 2010.
If so, you have the update.
If you're still having performance issues, it could be that your operating system or your hardware drivers aren't fully update (or you're running Win 7 64-bit), that your system isn't fully stabilized or that you are using video from a non-tape or non-AVCHD camcorder that may not be compatible with Premiere Elements.
Nope, the ddl files are all 2009 and I am running 64 bit.
I still have the 8.01 exe. and when I run it it says the program is already updated.
I think it is time for a reinstall.
Thank you for your quick response.