You can use After Effects and the version does not matter. For example, you could create motion graphics in AE, export the file, and then import it into Elements 3. You could also export a video clip from Premiere Elements, import it into AE, add graphics, export, and then bring the final composite into Premiere Elements.Let me know if you need more information.
You will usually want to use an alpha channel (black areas become transparent) so an After Effects produced clip in V2 will allow video in V1 to show through on the Premiere Elements timeline.
Go to Google and search on “After Effects tutorials”.
Rich
Rich Baim