Elements normally uses Quick Time.
The only recent update to PSE 10 would have been camera raw (no sound component) and that would have been well over a year ago, in December 2011. Unless this is a brand new installation of PSE, are you sure you updated PSE and not something else? Did you do this update via adobe application manager?
I have never seen anything from a recent version of PSE/mac show up in sound manager in system preferences.