New Video Editing Software Help? x?

Okay i am looking to buy a new video/movie maker... i have windows 7 and i hate the lack of effects and transitions available with windows movie maker. But a few years ago i got pinnacle studio 12 ultimate as a gift for Christmas... but it is very slow at processing my HD videos from my samsung camera. I am really sick of waiting for the program to buffer the videos and export or even add effects to them it takes ages... and i dont know how to speed it up and i have tried making the program priority high with no luck too... And when i edit my films i find the effects are a little insuficiant for what i want to do... I am 15 and i am a media student which is why i need this guidance... Okay now back to the original problem... i wondered if i should get a newer software... but it cant be expensive. i want to be able to add effects like gunshots, lasers, tracking and masking to my videos which pinnacle doesn't offer.... i was looking at Adobe Premiere elements 7 but i am not sure if it will be sufficient but if you know of any (cheap?) software that will do this or maybe how to make pinnacle faster pleaaaaaaaaaaaaase let me know xx :) thanks