Premier Elements Debug Event Error

Hello mates,
I am using Premiere Elements 8 that crashes the moment when I select Timeline within a project.
The popup window shows the error message:
“Premier Elements has encountered an error.
[….SrcCompilerCompilerMixer.cpp-69]”
Once I click Continue, the program exits. Application is fully updated and I am running it on Windows XP SP3.
It seems pretty specific but I can't pin down why it is failing.
Can anyone suggest how to decode the error?
Thanks in advance
