Welcome to the forum.
With PrE 8, you will park the CTI (Current Time Indicator) over the Frame, that you wish to capture and export to a Still Image, then use the little "camera" icon, to do the Frame Capture, exporting that to the desired format.
For now I will refer you to my blog post on PE11: Freeze Frames....
and offer the following special comments as they relate to Freeze Frames and your Premiere Elements version, 8.0/8.0.1
Freeze Frames. 8.0/8.0.1 feature specifics....
Two routes for you: Freeze Frame (camera looking icon) under Edit Mode Monitor/Freeze Frame dialog at the Timeline Level (for .bmp image) and Share/Computer/Image (presets for animated gif, JPEG, Targa, or TIFF).
A. Freeze Frame dialog notes:
Freeze Frame (camera looking) icon is available at the bottom right of the Edit Mode monitor to bring up the Freeze Frame dialog.
The Freeze Frame dialog's Edit in Photoshop Elements after Inserting (intended especially for deinterlacing the .bmp Freeze Frame) is possible since Photoshop Elements 8 has the Deinterlace option which has been removed in Photoshop Elements 11.
Image preset choices of animated gif, JPEG, Targa, or TIFF...versions after 8.0/8.0.1 offer only JPEG.
See "Export As Sequence" option and others in the Export Settings dialog accessed from Advanced button for preset selected.
Please do not hesitate to ask if you need clarificatin on anything that I have written.
got motivated and downloaded manual page129 did it