Yes. PrE can Import a PSD, so long as it's RGB and 8-bit Color Mode.
Now, if it is Layered, it will be Flattened upon Import. PrPro can Import a Layered PSD as a Sequence (something that PrE does not have), and maintain those separate Layers.
The workaround, if you do wish to retain Layers (well, sort of), is to Save each Layer as a separate PSD from Ps, then Import those resultant PSD files, stacking them on successively higher Video Tracks, one above the other.
Good luck, and hope that this helps.
PS - I had Moved your post from the Ps General Discussions Forum, before seeing this one. I will Lock that other post, when it shows up, so that if you have any questions, we can continue in this thread - the Adobe Forums are acting up a bit today, and some posts have been very slow to migrate.