Premiere Elements 12 crash, lost all saved data on a new project.

I was working on a short project that had many video and audio clips. About 3 hours into the project Premier Elements 12 crashed. Now It will not open the saved data. It simply tells me "An unknown error occurred while opening the project"  Am I SOL? Is this what I should expect as a regular from Adobe? More importantly, is there a method to recover the project? I am a new user to Adobe Elements and video editing in general.
Thanks,
Jordan M-

I've attempted to update the software. When I open the program up and go to the Help tab and Check for Updates, it tells me that it is already up to date. I've noticed through screen shots that other users' icons say 12.1 Mine does not and I still have performance issues while trying to render or upload.
My computer runs high end games at max settings, so as far as I can tell, my computer works fine. I would like to understand these updates further before I continue to analyse the issues I am having.
Also,
I ran a  Program Compatibility Test and it tells me:
Issues found:
Program Compatibility:
Incompatible Application (referring to Premiere Elements 12)
Publisher Details:
Make older programs run in this version of Windows,
Package Version 1.5
Publisher Windows.
Make older programs run in this version of Windows,
Package Version 1.0
Publisher Microsoft Corp."
Detection Details:
"Windows Version 6.1
Architecture x86"
I don't want to flood you with to many questions. My priority is to just update the darn thing to see if that is my issue. I thought I would mention the test above as additional info that might be helpful.
Thank you for your help thus far, It's been of great use.
Jordan-

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