As you have discovered, itunes is copy protected... you may need to check an Apple forum to find out how to convert "new itunes" copy protection to something you can use
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The first part of the folllowing link explains how to do it for unprotected tracks such as those you've imported from CDs: http://www.aimersoft.com/itunes-drm/itunes-to-wav.html
Insanity is hereditary, you get it from your children
Can't you go in My Music, then go in Itunes folder and click Itunes Music and select the artist and then open the song?
Adobe Pat 206
They used to let me convert to a WAV file which I can use, but now its AAC which I don't know if I can use or not. Why do they make it so difficult?
Once, iTunes did not have a way to get their music into programs, like PrE, at least not directly.
Back then, the workflow was to go to iTunes, create a Playlist for the necessary iTunes music, then burn THAT to an Audio CD. Once done, one would take that CD into a program, like the free Audacity, to rip the CDA format, then Save_As WAV, choosing PMC/WAV @ 48KHz 16-bit. Those WAV files were then Imported into PrE.
At some point in time, they relaxed things a bit, and many had no issues with a direct Import from iTunes.
Now sure what they are doing now, but many like using music from other sources, rather than iTunes.
Neale has linked to a conversion application, however I have never used it. OTOH, if Neale recommends it, then it should work just fine.
Also, according to Adobe: http://helpx.adobe.com/photoshop-elements/kb/supported-file-formats-premiere-elements.html, AAC is a supported Audio Format.
As I seldom use any music from other sources, beyond SmartSound, I have not stayed current on how iTunes works.