I don't believe elements supports RAW conversion so you're probably gonna need to get a seperate piece of software. I've heard that the Nikon one is pretty good, although that only really helps if your using a Nikon kit and I've also heard that bibble does a pretty good job. Bibble has a Photoshop and elements plugin and supports various cameras:
- Nikon D1, D1H D1X, D100, D2H, D100 D70
- Canon EOS: D30, D60, 10D, 300D/Rebel, 10D, 20D, 1D, 1DM2, 1DS Powershot: G2, G3, G5, S40, S45, S50
- Olympus E10, E20, C5050, C5060, E1
- Kodak 14n, 14nx, DCS Pron, DCS Proc
- Pentax *IST
- Minotla Dimage A1, A2
- Fuji S2 Pro, S7000
Checkout their site
www.bibblelabs.com for more info.
I haven't used it personally but I've heard other people like it and it sounds like it might do the trick for you.