One other thing... My other computer was Windows XP and the new one is Windows 7. I'm just clueless here. Also 32bit to 64bit. PE 4
Please post the model of your camcorder so that we can advise you how to capture and edit this video.
Most likely cause of this situation is the lack of an appropriate H.264 CODEC on your new machine. Your older computer probably has one, and PrE is able to use it.
With H.264, there are three popular H.264 CODEC's: Apple's (should install with later Apple QuickTime Players), Lead's and MainConcep's. Some Adobe users report issues with the Apple version (usually with Export), and have found that Lead's, or MainConcept's works better.
For some general background, this ARTICLE will offer some thoughts on CODEC's, which are installed at the system-level.