You can find information regarding what is contained on the remainder of the discs at Install Premiere Elements, Photoshop Elements - http://helpx.adobe.com/photoshop-elements/kb/install-premiere-elements -photoshop-elements.html.
Disc 2 primairly contains the Premiere Elements trial which will not accept your serial number. If you run the autoplay at the root of the drive you can also access the 64-bit version of Photoshop Elements if you wish to install the 64-bit version. It is not a requirement though to enjoy full functionality of the program.
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