I just loaded Adobe Premiere Elements 4 into the same PC with the Windows Vista operating system and I get the same results. Premiere Elements starts and then locks up. I'm convinced the problem has something to do with Adobe. Of course they haven't bothered to get back with me despite the fact that my case is still open with them.
Like you, I had been running Adobe Elements on another Raid 0 computer using the Windows XP operating system without any problems. Right now I'm waiting on a new motherboard for that computer. When I get it, I will switch the use of all my Adobe products to that computer.