Hi Kevin,
here some links of people having the same exact problem in other forums, including my reduser discussion where you can find some useful tips related to the subject:
http://forums.creativecow.net/thread/3/925815
http://forums.creativecow.net/thread/3/926202
http://forums.creativecow.net/thread/3/920531
Thanks for getting back to me.
It was getting quite frustrating to not find any information on this matter.
I noticed that a new article in now available on Adobe's website.
http://helpx.adobe.com/premiere-elements/kb/error-error-compiling-movi e-render.html
I'll take a look at it as well
thanks