Premiere Elements 12 won't open a new project

I recently installed premiere elements 12.  It is the first time install of any version of this software.  When I open the program and click on Video Editor, then New Project ...a black and purple ribbon scrolls for about 2 minutes, then nothing.  I have a Dell Inspiron One2305 running Windows 7 - 64 bit, AMD 2.8 Ghz processor.  I have 4 gb of RAM and 916 gb of hard disk space.  Reading through suggestions, I have tried the following without success:
1.  I updated the driver for the AMD 4200 Video Driver.
2.  I loaded the software as the administrator, but I unstalled, then created a new administrator account,  and reinstalled under the new administrator account.
I'm not a techie by any means, but I can follow directions pretty well.  Any help is appreciated. 

This is my processor:  AMD Athlon II X2 240e
I also loaded the latest version of Quicktime today (forgot to put that in my "what I already tried")
I just ran the Windows Update and one failed with this error:  Code 800B0100 Windows Update Encountered an Unknown Error.  When I click Get Help with This Error, nothing runs.
Running Disk Clean up and Defrag now.

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    Thank you for trying to help, Bill.
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    Log Name:      System
    Source:        Microsoft-Windows-WHEA-Logger
    Date:          14/08/2012 5:59:52 PM
    Event ID:      17
    Task Category: None
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    Keywords:     
    User:          LOCAL SERVICE
    Computer:      MaryRose-HP
    Description:
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    Error Source: Advanced Error Reporting (PCI Express)
    Bus:Device:Function: 0x0:0x3:0x0
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    Class Code: 0x30400
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        <Version>0</Version>
        <Level>3</Level>
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        <TimeCreated SystemTime="2012-08-14T23:59:52.830276300Z" />
        <EventRecordID>651021</EventRecordID>
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        <Channel>System</Channel>
        <Computer>MaryRose-HP</Computer>
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        <Data Name="Version">0x101</Data>
        <Data Name="Command">0x10</Data>
        <Data Name="Status">0x407</Data>
        <Data Name="Bus">0x0</Data>
        <Data Name="Device">0x3</Data>
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