First, open any other Adobe program and go to Help/Check for Updates. The updater will update all the Adobe products on your computer, including Premiere Elements 9.
Also, go to Windows Update and ensure you have even the non-critical updates for your system.
Then remove this error code file as described in the FAQs to the right of this forum.
Note that, the first time you open Premiere Elements, it will take a little longer because it needs to install and activate some components. Be patient. Especially if your computer is running Vista. Click the New Project button and give it five minutes.
And don't forget, when you do start your new project, to set it up for your camcorder, selecting the project setting to precisely match whichever mode you've been shooting with in that multi-format camcorder. (Note that that cam does shoot in both 1920x1080 and 1440x1080 AVCHD, so ensure you've selected the correct project preset.) Also make sure you only shoot in FX or FH mode.
The white/black screen issue also occur if the graphics card is set to 16bit and not 32bit.
Setting the color depth to 32bit solves the problem.
Just wanted to mention that in case the tips from Steve doesn't work.
One of the limitations of your computer is the use of the Intel embedded graphics chip. Intel makes great chips, but with the graphics chips, the driver support is lacking.
If one has a laptop, they have few choices, beyond looking at their computer mfgr's. Web site, and hoping there is a newer driver. If they have a desktop, the best course of action is to use an nVidia, or ATI (now AMD) graphics card, and to by-pass the Intel chip, with either switches on the MoBo, or by the BIOS - just depends on the MoBo and on the BIOS used.
As a side note: the embedded Intel graphics chips are fine for most routine computer work, but for video-editing, even medium 3D work, or gaming, they are deficient to start. We see many issues with them in the PrE and PrPro fora.
Do follow the suggestions, and I hope that your computer's mfgr. does have newer drivers available, but keep a real video card idea, in the back of your mind. That may be the best option in the long run.
Hope that the suggestions will solve the issue, and good luck,