Really slow performance ..Is there a fix?

I'm running Vista Ultimate SP2 32 bit on a very clean, well maintained machine where I run PC tools Registry Mechanic weekly and with every install. I have a Dell desktop with:
1. Intel (R) Pentium (R) 4 CPU 3.00 Ghz
2. 4 GB RAM
3. ATA disk drive with 55GB free space
I am very disappointed at how long this program takes to load with an average 2-3 minutes to get it into edit mode with a very small project. The rendering process , that seems to take place all the time,  is also agonizingly slow. Are there preference settings that might make it run more quickly? I downloaded and installed Elements from Adobe 3 days ago so I'm assuming that I have all of the latest updates.

Running Vista on a Pentium 4 is a bit of stretch anyway -- particularly if you haven't optimized Vista for editing, per the FAQs to the right of this forum.
http://forums.adobe.com/thread/415316?tstart=0
You also should ensure you have all of the updates to Vista SP2, including non-critical ones. You may even want to do a repair/install of Vista. Believe it or not, with all of the updates this past year, a repair can greatly improve performance.
There is also a tweak to ensure Vista makes more efficient use of your RAM, again from the FAQS to the right of this forum.
http://forums.adobe.com/thread/446316?tstart=0
55 gigs of hard drive space is also a bit tight for video editing, depending on your video source files (unless you're editing to a second hard drive or to an external drive). I recommend you always keep at least 30 gigabytes of clean, defragmented space on your C drive when operating an intensive program like Premiere Elements -- and that doesn't give you much room for your video clips and scratch disks.
But the real core issue is likely your source files -- particularly since you mention rendering issues. What type of camcorder are you editing video from and how are you getting the video into your computer?
With your limited power, I'd recommend you stick to video from a miniDV camcorder. Hi-def video -- particularly AVCHD video -- is going to choke the life out of your machine.

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