What version of Premiere Elements and on what computer operating system is it running?
iTunes music has a long history of problems with Premiere Elements (any version). The solution is to convert the iTunes music in iTunes to the wav version and then import that wav file into the Premiere Elements project with Premiere Elements Add Media (Get Media depending on the version).
The following is the link to the how to for the file conversion to wav version in iTunes.
If you need an clarification on the how to or other, please do not hesitate to ask.
I am using windows 8 and the newest version of premiere elements. I'll try converting the file if I can. Thanks for the feedback everyone!
Thanks for looking at the suggestion for iTunes music conversion to the wav version.
It should work for you. If any problems in doing that, do not hesitate to ask for more information on the conversion.