I've seen it done in Version 9. The tools were the Track Matte Key, Motion Traking and Keyframes. Unfortunately, I don't remember the details and have not actually tried it.
This video is close, but it blurs the subject instead of highlighting the subject. http://www.youtube.com/watch?v=hp2TbwgIb2Q
Try searching YouTube for "motion tracking premier elements" where you can see more examples.
At another forum where I no longer visit nor answer questions, I was heavily involved in the type of project for which you are seeking some how to advice.
Probably, a major work was that of Capt. Joey and Disneyzell (Drew) who does this type of thing professionally but was willing to share his expertise with Capt. Joey and us at the time.. You can read how Drew guided Capt. Joey to a successful end product in this regard. I did inject some comments along the way but for the most part Drew took charge and did a great job. It was Capt. Joey's and Drew's success story.
Football footage Help?
In another instance, I worked with a user and presented my views on his proposed highlighing sport figure project..
Making a person glow or stand out in a sports film
Please check out the details. Lots of them. If any further assistance needed, please ask here.
Thank you ATR and whsprague for your response. Was not expecting such a quick response! ATR...that is a LOT of information (which I greatly appreciate). It's a lot for me to digest because I am so new at Premiere Elements. But I WILL get through it. It just might take me some time! Thank you both so much. Will keep you updated.
Thanks for the follow up message.
Go through the details sequentially. Maybe start to work through them in the program. Remember mini test runs before the grand projects. After you get an overview of the situation and, if you need clarification on any points (small or large), please do not hesitate to ask.
We all started Premiere Elements facing that learning curve. So we have been there and done that.
We all will be watching for your progress.
Along with the instructions by others, this article might be useful: http://forums.adobe.com/message/4575874#4575874
One can also use the Lighting Effect, and adjust that to Spotlight.
There are some other methods, such as adding an "arrow," or other character, and animating that to follow a player: http://forums.adobe.com/message/3702803#3702803