Hi Brad,
Since I don't have Elements installed (I use PhotoShop), I can't be specific. But here's some general tips:
Is your hard drive full? If the hard drive is full, the program has no where to swap, the speed will slow down a lot.
Does Elements open a big project or lots of files upon loading?
Is hard drive light on all the time during Elements load up? If the light is always on, it means the program is access hard drive all the time, in other words, either it's reading huge file(s), or it's got stuck while reading files (which in turn usually indicates hard drive hardware problem).
Hope this helps.
Ken