What version of Premiere Elements and on what computer operating system is it running?
Generalizing for now...
For music in general....import the supported music file from the hard drive save location into Premiere Elements with Premiere Elements' Add Media (or Get Media)/Files and Folders.
If you have iTunes music, then convert the iTunes music into the wav version in iTunes before importing that wav version into the Premiere Elements project with Premiere Elements' Add Media (or Get Media)/Files and Folders.
Any questions, please do not hesitate to ask.