There are a couple of ways to do this. If you're comfortable using the Track Matte, it's the best solution since you can use it with any shape you want.
If not, the easiest way to do it is to shine the spotlight on each item using the Lighting Effects.
FWIW, I show you step by step how to do both of these tricks in my special effects book.
Can you explain what you mean by Track Matte and using the spotlight in Lighting Effects? Or are you suggesting that I have to buy your book to find out?
What version of Premiere Elements are you using?
You may want to take a look at a 2010 thread that I was involved in at a forum where I no longer visit nor answer questions at.
So if you have any questions about that thread, please ask me here in your thread.
Besides my suggestions for the user that posted the question, please check out link in the thread.
The 2010 thread suggestions did work for the person asking the question.
There are many possibilities for doing what you want.
Steve G. has provided two.
This article covers some more, plus Track Matte Keying, that really has unlimited possibilities: http://forums.adobe.com/message/4575874#4575874
One variation on Track Matte Keying would be to perhaps make your video at that point B/W, and then with Track Matte Keying, change the desired object to full color.
One can also "call out" objects/subjects with the techniques in this article: http://forums.adobe.com/message/3702803#3702803
Another technique, which is a variation on above, would be to create a Shape that is only Stroked (not Filled), that surrounds the object, with a bright Stroke and perhaps a Glow.
Lots of possibilities.
Thank you! That was a great detailed description of how to use the Track Matte Key effect!
With those general mechanics, one has so very many choices, like the B/W & full color I mentioned. Also, I like to "ghost" back the "background" Video w/ lower Contrast and Brightness, then to see the full Contrast and Brightness through the Track Matte. One can use Blur (actually in either direction) on the background Video, but sharp for the view through the Track Matte.
It depends on several factors, such as the Source Footage, and also the aesthetic direction that the editor wants.
The mechanics are the same, but depending on the treatments (usually Effects applied), they look totally different.