Photoshop Elements won't open, computer says not enough RAM; why?

A few days ago I was working in PS Elements 2.0 as usual.  I know the software is ancient but it does the things I need it to do.  I use it to create backgrounds and banner graphics for my personal fanfic website.  I finished working on a file and closed it.  Then I tried to reopen PSE 2.0 and it wouldn't open.

Screen message said "couldn't initialize Photoshop Elements 2.0 due to insufficient RAM" or similar wording.  I checked my computer settings and C drive has 60.9 GB in use out of 441 GB total. 

I did a defrag and disk cleanup, ran CCleaner, uninstalled and reinstalled PSE Elements 2.0, and uninstalled an app I had accidentally downloaded that is for gaming and I don't need.  I turned the computer off and turned it back on again.  I also deleted quite a few graphics files I no longer needed.

All of these steps were repeated several times.  Still getting the same error message and can't open the program.  Can anyone help? 

I would almost break down and buy a newer version of PSE but if my computer's RAM is actually insufficient for PSE 2.0, surely that wouldn't help!