Fatal error on Premiere Elements 3.02 when loading any project (new ones included)

Has there been any recent reports of problems with 3.0 on Vista?  I set up a new project, imported three DV videos totalling 100 minutes.  Later, I added two JPEGs and a short MP3.  Shortly after the additions, my system completely froze and had to be powered down.  When it came back up, PE gave me the "serious error has occurred" message shortly after it loaded any project, even brand news ones that had just been saved.  I did a Repair from the Control Panel and then complete CHKDSK overnight, but PE seems to be completely messed up and cannot load any projects.  Any ideas?
This is Vista 32 SP2 on a dual-core 1.86 Mhz with 2 gig RAM.  Thanks for any input...

"Also, can you confirm that your "DV" videos are DV-AVIs captured over
FireWire from a miniDV camcorder?"
I missed this in my earlier reply.  Yes, it was from a miniDV camera,
using firewire.  The only other odd thing is that I suddenly had trouble
with the audio and at one point saw a brief Windows driver message about
the 1394 driver being installed.  The audio is being routed through a
PreSonus Inspire sound unit that is also connected via firewire. 
However, this is a setup that has been working without a problem for a
while (a few years), with PE using the Inspire audio without a problem.

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    2013-12-01 06:58:28  Granting directory permissions...
    2013-12-01 06:58:28  Granting permissions on content directory...
    2013-12-01 06:58:29  Granting registry permissions...
    2013-12-01 06:58:29  Granting registry permissions...
    2013-12-01 06:58:29  Granting registry permissions...
    2013-12-01 06:58:29  Configuring shares...
    2013-12-01 06:58:29  Configuring network shares...
    2013-12-01 06:58:29  Fetching content directory...
    2013-12-01 06:58:29  Fetching ContentDir from registry store
    2013-12-01 06:58:29  Value is D:\sources\wsus
    2013-12-01 06:58:29  Fetching WSUS admin SID...
    2013-12-01 06:58:29  Fetching WsusAdministratorsSid from registry store
    2013-12-01 06:58:29  Value is S-1-5-21-1033354796-2088831985-1429053453-1003
    2013-12-01 06:58:29  Content directory is local, creating content shares...
    2013-12-01 06:58:29  Creating share "UpdateServicesPackages" with path "D:\sources\wsus\UpdateServicesPackages" and description "A network share to be used by client systems for collecting all software packages (usually applications)
    published on this WSUS system."
    2013-12-01 06:58:29  Deleting existing share...
    2013-12-01 06:58:29  Creating share...
    2013-12-01 06:58:29  Share successfully created
    2013-12-01 06:58:29  Creating share "WsusContent" with path "D:\sources\wsus\WsusContent" and description "A network share to be used by Local Publishing to place published content on this WSUS system."
    2013-12-01 06:58:29  Deleting existing share...
    2013-12-01 06:58:29  Creating share...
    2013-12-01 06:58:29  Share successfully created
    2013-12-01 06:58:29  Creating share "WSUSTemp" with path "C:\Program Files\Update Services\LogFiles\WSUSTemp" and description "A network share used by Local Publishing from a Remote WSUS Console Instance."
    2013-12-01 06:58:29  Deleting existing share...
    2013-12-01 06:58:29  Creating share...
    2013-12-01 06:58:29  Share successfully created
    2013-12-01 06:58:29  Finished creating content shares
    2013-12-01 06:58:29  Stopping service WSUSService
    2013-12-01 06:58:29  Stopping service W3SVC
    2013-12-01 06:58:32  Configuring database...
    2013-12-01 06:58:32  Configuring the database...
    2013-12-01 06:58:32  Establishing DB connection...
    2013-12-01 06:58:32  Checking to see if database exists...
    2013-12-01 06:58:32  Database exists
    2013-12-01 06:58:32  Switching database to single user mode...
    2013-12-01 06:58:32  Loading install type query...
    2013-12-01 06:58:32  DECLARE @currentDBVersion       int
    DECLARE @scriptMajorVersion     int = (9600)
    DECLARE @scriptMinorVersion     int = (16384)
    DECLARE @databaseMajorVersion   int
    DECLARE @databaseMinorVersion   int
    DECLARE @databaseBuildNumber    nvarchar(10)
    IF NOT EXISTS(SELECT * FROM sys.databases WHERE name='SUSDB')
    BEGIN
        SELECT 1
    END
    ELSE
    BEGIN
        SET @currentDBVersion = (SELECT SchemaVersion FROM SUSDB.dbo.tbSchemaVersion WHERE ComponentName = 'CoreDB')
        SET @databaseBuildNumber = (SELECT BuildNumber FROM SUSDB.dbo.tbSchemaVersion WHERE ComponentName = 'CoreDB')
        DECLARE @delimiterPosition INT = CHARINDEX('.', @databaseBuildNumber)
        IF (@delimiterPosition = 0)
        BEGIN
            RAISERROR('Invalid schema version number', 16, 1) with nowait
            return
        END
        SET @databaseMajorVersion = SUBSTRING(@databaseBuildNumber, 1, @delimiterPosition - 1)
        SET @databaseMinorVersion = SUBSTRING(@databaseBuildNumber, (@delimiterPosition + 1), (10 - @delimiterPosition))
        IF @currentDBVersion < 926
        BEGIN
            SELECT 3
        END
        ELSE
        BEGIN
            IF (@scriptMajorVersion > @databaseMajorVersion OR
               (@scriptMajorVersion = @databaseMajorVersion AND @scriptMinorVersion > @databaseMinorVersion))
            BEGIN
                SELECT 2
            END
            ELSE IF (@scriptMajorVersion = @databaseMajorVersion AND
                     @scriptMinorVersion = @databaseMinorVersion)
            BEGIN
                SELECT 0
            END
            ELSE
            BEGIN
                SELECT 4
            END
        END
    END
    2013-12-01 06:58:33  Install type is: UnsupportedFuture
    2013-12-01 06:58:33  DB is a higher version than the config scripts
    2013-12-01 06:58:33  Swtching DB to multi-user mode......
    2013-12-01 06:58:33  Finished setting multi-user mode
    2013-12-01 06:58:33  Microsoft.UpdateServices.Administration.CommandException: The schema version of the database is from a newer version of WSUS
    than currently installed.  You must either patch your WSUS server to at least
    that version or drop the database.
       at Microsoft.UpdateServices.Administration.ConfigureDB.CheckForUnsupportedVersion(DBInstallType installType, Boolean dbExists)
       at Microsoft.UpdateServices.Administration.ConfigureDB.ConnectToDB()
       at Microsoft.UpdateServices.Administration.ConfigureDB.Configure()
       at Microsoft.UpdateServices.Administration.PostInstall.Run()
       at Microsoft.UpdateServices.Administration.PostInstall.Execute(String[] arguments)
    Fatal Error: The schema version of the database is from a newer version of WSUS
    than currently installed.  You must either patch your WSUS server to at least
    that version or drop the database.
    "When you hit a wrong note it's the next note that makes it good or bad". Miles Davis

    Gerry,
    1. I uninstalled WSUS, removed DB, restarted. And reinstall WSUS again. This time MS Management Console of WSUS could not be started. I did it after WSUS was added following your blog pix.
    I checked c:\program files\update services, there were couple of missing directories by comparison what was in case when I installed WSUS after SQL but before CM: Tools, Shema, and another A.. something. I saw this issue on NOOB. And people copied these
    directories from previous installation.
    How we can explain this behavior on RTM version?
    Then I uninstalled it again. And give another try... Here I found another interesting thing. Please compare your slide number 5 from your link and attached one. You can see that on Add Roles and Features Wizard page are missing items. Some
    of them were found in next screen of my installation (I am using RTM server) but one API and Power shell  cmdlets were not listed on final screen before start install. May be those are note important...
    I reinstall again... and the MS Management Console fails again. Exactly the same thing that I saw during 2 weeks of trying to make works. Don't see what I can screw up here.
    What about missing directories after reinstalling WSUS. Is that normal? And in IIS there is no WSUS.
    I don't see here any difficult thing, just simple wizard... But it not works. Second CM server.
    What I do wrong here to create a failure of MMC. There is any blog with examples of RTM Server 2012 and CM RTM. All stuff is 2012. So kind of guesses and no precise thing to do...
    Sorry for my cry :). The only solution is to call MS and pay $250 for SUCH a trivial thing that not works.
    Any help? Please see pics. Can you confirm that you have the same or more directories in Update Services
    Thanks.
    API and Power Shell Cmdlets feature missed if compare with yours slides.
    "When you hit a wrong note it's the next note that makes it good or bad". Miles Davis

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