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It is not likely upgrading will remedy your situation, Canyon.
Your problem is that your camcorder's video is not compatible with Premiere Elements.(Though this is compounded by the fact that the 64-bit version of Windows 7 doesn't always interface cleanly with 32-bit drivers.)
I would recommend you check out a program called Quicktime Pro, a $29 download from Apple.com.
Not only is this program more likely to be able to work with this video format but, if you find the editing capabilities unsatisfactory, it will export it the video in a format that is compatible with Premiere Elements.
Welcome to the forum.
For some tips on GoPro footage, this ARTICLE might be useful.
As Steve points out, H.264 footage, in all of its flavors, is tough to edit. That material is very, very CPU intensive. A Quad-Core is the absolute minimum, and a newer i7-9xx CPU will improve playback greatly.
With Win7-64, 4GB of RAM is about what the OS needs, and there is not much extra left over for programs. With that OS, the recommended RAM is 12GB, with 24GB being the best. With the 64-bit OS, one has plenty of RAM for multiple programs.
Thanks for both of your helpful advice. It sounds like a new computer build might be in order as I just got the GoPro camera and plan to use it a lot as it takes great footage. I think I can work out a solution by converting the files through Quicktime Pro first and then hitting it with more PC firepower later. By converting through the Quicktime 7 Pro, it seems like the program is currently working, but is extremely slow and nonresponsive. So now, the PC build wishlist begins...
QT Player/Pro is rather slow on the PC. I've seen it work much faster on a Mac. Lot of "stuff" must be going on. Pro is a good investment, in my book, as it offers that Export function, with is well worth the US$ 29.
Before you start acquiring parts for a new computer, take a look at the links in this ARTICLE. Harm Millaard makes some great points. His upper-end build is geared towards the pro with PrPro, but his middle-of-the-road system would be great for PrE.
Good luck, and happy editing,