Photoshop Elements 10 Organizer wont open "DirectX is installed but could not be initialized. Reboot your system and relaunch Organizer"

All of a sudden, I go to open Adobe Photoshop Elements 10 and get this message in a box:
"DirectX is installed, but could not be initialized.  Please reboot your system and relaunch Organizer."
Using Windows 7 Professional 64-bit, Office 2010 Home and Student on a Dell T3500 workstation with 3.20Ghz Xeon Processor, 12 GB Ram and a 2GB EVGA 650ti Boost graphics card.
The only thing I can think of since the last time I used PSE10 Organizer was the October, 2014 Windows updates were installed.
Any ideas anyone, Adobe seems fairly silent on this issue, and there is not much info out there on this for a Windows 7 Pro 64-bit system.
Please help.

All Windows OS updates installed, all Norton Internet Security updated daily.
Went to Microsoft to try downloading DirectX just in case that was the problem, and they say you already have the newest version.
Still receive the same message.  I'm at a loss, not sure what to do.

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    Capture48.JPG ‏119 KB

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