Set the Work Area Bar (the lighter gray bar along the top of the timeline) to cover only the part of the timeline you want to render.
Oh Heaven! There are Angels on Earth! TY Steve!
Besides limiting the area of the Timeline that is to be Rendered, when hitting the Enter/Return key, the WAB (Work Area Bar) can be used to limit the area of the Timeline to be output to a file (most Export/Share formats), plus some other neat little uses. This article goes into more detail on using the WAB: http://forums.adobe.com/message/3961685#3961685
I generally just hit Ctrl+K to split the clip at the end of the portion I'm tweaking.
Insanity is hereditary, you get it from your children
>using Elements 10 for the first time and am a true beginner
Online User Guide http://helpx.adobe.com/premiere-elements/archive.html
Saving & Sharing http://forums.adobe.com/thread/1137128
-Sharing to DVD or BluRay http://forums.adobe.com/thread/1137645
-Sharing for Movies http://forums.adobe.com/thread/1051093
-Sharing for Computer http://forums.adobe.com/thread/1058237
Steve's Basic Training Tutorials... many steps are the same for several versions
-and http://prodesigntools.com/four-hours-free-video-tutorials-new-photoshop-elements-9-pse9.ht ml