Premiere Elements 10 install on Windows 8.1

I have Photoshop 10 & Premiere Elements 10 installed on my old XP machine and am installing them on my new Dell Windows 8.1 64bit machine (7537 w/nvidia).  I was able to get the Photoshop 10 installed but I get a message from Disk 1 that it can't install to a 64bit machine.  I loaded Disk 2 (startup for Windows 7) and all it does is make chunking sounds in the drive.  What should I be doing?  Do I need updated software for my 8.1 machine (and if so, can I get an upgrade)?