Divx is not an editable format, and it certainly won't work in Premiere Elements.
You may be able to convert it to a DV-AVI using a program like Super, per the FAQs to the right of this forum, however, and then you can edit it in this program.
While I have not used the "Plus" version yet, I have Exported/Shared to DivX fairly often.
In PrE, one would install the necessary CODEC's, and then under Export/Share, choose MS AVI. At Advanced, the Compressor can be chosen. The default is CinePak by Radius (a very old, and virtually useless CODEC), but from the drop-down, DivX Plus should be available.
Unless there is some issue with the Plus version, it should Export/Share just fine.
There is also a suite of DivX utilities, and one of those is their Pro Encoder. If one were to Exprt/Share in another format, that Encoder will do the compression. The old "Pro" suite was US $ 39, but I have not checked lately.