Any old Pinnacle Studio 8 Users here? Do you still have the Hollywood FX program that came with it? Well, you can integrate it with Premiere Elements 3.0! I picked up a tip about HFX and Premiere Pro working together, so I just tried it with Premiere Elements and it worked!
If you don't know what HFX is, it is a very powerful transition/effects editor. I bought the 'Pro' version a long time ago when I used Studio 8 to edit my videos. I have HFX Version 5.1 and I also have version 4.6 (but I didn't bother to hook that one up).

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Here's how you integrate HFX 5.1 with Premiere Elements 3.0 (It may work with other versions but I don't know for sure.)
Copy these two files from the HFX folder:
Program FilesPinnacleHollywood FX5Host PluginsEditionHfxEdt5.vfx
Program FilesPinnacleHollywood FX5Host PluginsEditionFilterFl-HfxEdt5.vfx
and paste them into this folder:

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Program FilesAdobeAdobe Premire Elements 3.0Plug-insen_US
then rename the .vfx extensions to .prm (in the Program FilesAdobeAdobe Premire Elements 3.0Plug-insen_US folder)

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That's it! Now fire up Premiere, and look for Hollywood FX in the Transistions folder AND in the Filters folder.
If you have HFX version 4.6, you can try the same thing, however, the files are called HfxEdt46.vfx & Fl-HfxEdt46.vfx.