Yep, sounds like you need the updates. Not sure why you can't run the auto-updater. The easiest thing to do here would be to download and run the updates manually:
Photoshop Elements 9.0.3: Adobe - Photoshop Elements : For Windows : Adobe Photoshop Elements 9.0.3 update
Camera Raw 6.5: Adobe - Photoshop Elements : For Windows : Camera Raw 6.5 update for Elements 9
Premiere Elements 9.0.1: Adobe - Premiere Elements : For Windows : Premiere Elements 9.0.1 update