"Could not find any video play modules". Premier Elements 3.0

[Jesse James]

Running Premier Elements 3.0 with Windows XP SP3.

First got an error Premier had an error and had to close upon firing up the software. Uninstalled Premier Elements 3.0 and reinstalled and now get an error "Could not find any video play modules".

Did a system restore to known good date and still the same error. "Could not find any video play modules".

Reinstalled DirectX 9 and still the same.

I'm guessing it's a DirectX error or hoseup.

If I reinstall Windows XP or the top of the XP on the laptop now will I lose any data and settings I have now for other programs? I'm not worried about loosing any Premier files.

Thank you