Okay, I've tried it out and here's how to install Premiere and run it.

To install:
1) first insert the Premiere CD into a free CD drive and mount it. For example, after mounting, the CD drive will be /media/hdc
2) open a root shell and type wine followed by the full path to the setup program, for example: "wine /media/hdc/Premiere/setup"

To run the program:
1) notice that wine has created a fake c_drive. This is found in the /home/knoppix/.wine folder. .wine is a hidden folder so to see it, you need to get Konqueror to show hidden files (check the Konqueror menu option: view -> show hidden files). Inside .wine you will see a folder called drive_c or maybe c. Look inside and you will see the familiar Windows "program files" folder.
2) Using Konqueror, navigate through the program files folder to where the file "premiere.exe" is stored. If you double-click premiere.exe, nothing will happen. Right-click on premiere.exe. Select "open with". A dialog box will show up. Type "wine" into the dialog box and click ok. Premiere should launch.

Take note that my Premiere installed fine, but hung on start-up.