Video from a tape camera is either DV AVI (Standard Definition) or MPG if it is an HDV camera... both of which work with the current Premiere Elements
The Elements Tutorial Links Page http://forums.adobe.com/thread/1275830 has links to the user guides... and you may also download the 30 day trial version to find out how it works on your computer
This is the Adobe document on DV and HDV capture firewire into Premiere Elements Capture Window (applicable to versions 11 and 12)
I would strongly recommend that you download and install the free 30 day tryout of Premiere Elements 12 from Adobe now if your interest is specific to
Premiere Elements 12. Adobe is expected to release a new version of Premiere Elements sometime this month. When it does, the Premiere Elements 12 tryout will be replaced with the newly released version's tryout.
What is your computer operating system?
It uses Mini DV tapes if that helps.
Your camera should work fine with PRE12 for importing. I import my MiniDV files from an older Panasonic camera over Firewire and PRE works great.
Thanks for the information that you are using Windows 7 assumed 64 bit computer.
Paul787's post is encouraging but his old Panasonic camera over firewire is not your old Sony camera over firewire. So, please consider your DV data capture firewire into the tryout Premiere Elements 12 or later Capture Window before purchase to avoid surprises.
Case in point, I started doing some homework on Premiere Elements 12 Project Archiver/Archive Project option whose description has been perpetuated in each version's help files (at least 4 through 12). Come to find out, that feature has not worked as advertised since Premiere Elements 8.
So best not to take anything for granted, and determine first hand what works for you, especially if you can do that without additional cost.
Please update us on your progress when you get a chance.