Premiere Elements 4 is a 2007 product and Windows Vista was the operating system of choice then! There is no way to logically predict what will happen as you try to correct your problem. Too many things have changed. If you are on any operating system after Vista, a re-installation may not work. The servers that provide the accessory and support files are long gone.
My choice would be to finish the current project whatever way you can, even if you have to reboot frequently. Then start looking for new editing software.
Good luck! I hope you finish your project successfully!