Upgrade from (Very) Old Version Premier?

I suspect this is a stretch -- I have some old video on an old computer with Premier Elements 2.
It works, but its really slow.
Is there a way to upgrade these old files so Premier Elements 12 will read them?
I tried, but it tells me the files (.prel) are not compatible with the latest version.
Thanks,
Tim

Tim
We are not talking Fraps and the like where the program installs the proprietary codecs necessary for its workings.
In the Premiere Elements world, you get into problems when you leave your project in the project file format (project.prel). Likewise, most video editing software has a project file format. If you save an unfinished project in Movie Maker, you get a .wlmp file. Most of the project file formats are for sole use within its particular software. Compatibility between the project files has its problems even in "all in the family" software.
But the formats for the import video and the export video should not typically be running into these issues. Consider...
Premiere Elements does change its supported import/export file...ex add to... AVCHD was not announced as supported until Premiere Elements 7. And...subtract from...the .tga file extension that was supported in version 8.0/8.0.1 is no longer supported in version 12.
Curious thing just happened. While I had Premiere Elements 2 opened I decided to refresh my memory on its assets. Its a strictly SD low resolution type version? But is it? I was experimenting with a QuickTime export and decided to change the export settings under the Advanced Button. I typed in 1920 for frame width and 1080 for frame height. The export was a nice looking 1920 x 1080 @ 29.97 progressive frames per second with a AVCHD video codec. Now how did that happen? If you get a chance, please give that a try and see what you get.
By the way, what type of files did you import into Premiere Elements 2 and what were your favorite export types then?
More later.
Thanks for the follow ups.
ATR
Add On..I figured out how I got MediaInfo to readout out avc1 (AVCHD) for my Premiere Elements 2 QuickTime 1920 x 1080 export...under the QuickTime Advanced, I used the H.264 video codec.

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