What do you want to create..text title, title template type (text with image), animated text? Please detail.
You create your Premiere Elements 11 titles in the Titler accessed from Text Menu or the Titles & Text Tab at the bottom of the interface. The Text Menu includes many options including Add Image. Titles created in the Titler can be saved to the hard drive as .prtl files that can be used in other Premiere Elements 11 projects.
Have you checked out
Let us start here and then decide what next based on your answers. Lots of possibilities and lots of details to sort out.
Add On...I did not see Ann Bens post before I posted my reply to your thread question. We both appear to be suggesting the same reference for you to check out. With that double endorsement of the article, sounds like it is worthwhile to explore.
Welcome to the forum.
Along with the links provided, this article has several tutorials (some for Premiere Elements and some for Premiere Pro - but the general mechanics of Titler are about the same - they just look a bit different): http://forums.adobe.com/thread/1131177