An Atom processor? This is just a netbook, isn't it?
I don't know about Windows Media Player's slo-mo tools, but I'd' assume that Windows Media is your best choice.
You'll need to tweak the default output settings, but how you do it varies from version to version of the product. Which version of Premiere Elements are you using?
I just experimented with WMV in WMP, and got OK Slo-Mo and Fast Speed. Not the best, but it was OK. Think that you are correct, Steve. Not sure what else will work, but will do some more testing, just to see.
BTW - that was WMP 11.0.xxxxxxxx
[Edit] Just tried with both DivX and Xvid in an AVI wrapper and it was no go.
I also got excellent results with a WMV files, Bill. That's clearly the correct output.
It just depends on which version of the product he's working with and which operating system he's running the program on what his next steps will be.
Just to add a few details:
As stated, WMP 11.0.5xxx
OS = XP-Pro SP3
Intel Core2 Quad 2.66GHz
RAM = 4GB
Graphics chip = nVidia GeForce 8800M (recent, but not latest nVidia driver)
I/O = 3x SATA II 7200 RPM 250GB
Virtual Memory = Static 10GB on D:\
WMV's play pretty well in both Slo-Mo and at about 2-3x speed