Simply putting the codec on your computer may not make the video compatible with Premiere Elements 7, BCC. Besides, adding too many codecs can lead to problems because some contradict or overwrite others.
What kind of camcorder is this video from? Maybe we can make a recommendation.
However, it looks like it's from a mobile phone or other mobile device -- in which case it's unlikely you'll be able to edit it in version 7 without converting it to a more traditional file format.
It's a video off a cell phone. I was able to find a 3rd party video converter program that changed the file to mpeg4.