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What computer operating system is your Premiere Elements 12 running on?
Is this a "it worked before but not now" or "it never worked before" matter?
The typical questions first
a. Are you running the program from a User Account with Administrative Privileges and also with Run As Administrator applied?
b. Do you have the latest version of QuickTime installed on your computer with Premiere Elements?
c. Is your video card/graphics card driver up to date according to the web site of the manufacturer of the card or the web site of the manufacturer of the computer?
d. If you are using a laptop, have you checked the power settings.
Please also delete the Adobe Premiere Elements Prefs file and, if necessary, the whole 12.0 Folder in which it exists.
Local Disk C
Users
Owner
AppData
Roaming
Adobe
Premiere Elements
12.0
and in the 12.0 Folder is the Adobe Premiere Elements Prefs file that you delete. If that does not work, then you delete the whole 12.0 Folder in which the Adobe Premiere Elements Prefs file exists. Make sure that you are working with Folder Option Show Hidden Files, Folders, and Drives active so that you can see the complete path cited.
You could take a look at the suggestions in the following blog post, especially if this is a "it never worked before" issue.
ATR Premiere Elements Troubleshooting: PE12: Premiere Elements 12 Editor Will Not Open
Please review and consider and then let us know the outcome so that we can decide what next if necessary.
Thank you.
ATR