What version of Premiere Elements are you using and on what computer operating system is it running?
If you import a media file that consists of 4 audio tracks besides a video portion, it will present on the Timeline with video in Video 1 and all the audio in one stream on Audio 1. The video track content and audio track content will be linked. You can unlink audio from video, but you will still have 1 video and 1 audio.
Depending on your details, you might want to look into working with an audio editor such as Audacity if you are elaborate plans for the 4 tracks of audio embedded in the one file with the video stream.
Please supply more details.