What version of Premiere Elements are you using and on what computer operating system is it running?
For now, I will assume Premiere Elements 12/12.1 on Windows 7, 8, or 8.1 64 bit.
You cannot import one Premiere Elements (any version) project file (project.prel) into another.
1. Windows Only. Use ClipMate in conjunction with Premiere Elements for a copy/paste insert between
two project files.
2. For Windows or Mac Premiere Elements users....export the Timeline content from project 1 to an
appropriate file saved to the computer hard drive and then import that export into the second project with
counterpart project settings.
If you need help regarding the project settings for "2", please do not hesitate to ask. I am a hands on user of
Premiere Elements versions.