What version of Premiere Elements and on what computer operating system is it running?
For now, assuming Premiere Elements 11, 12/12.1, or 13/13.1 on Windows 7, 8, or 8.1 64 bit....
Import your video into the Expert workspace of the project (Add Media/Files and Folders/Project Assets).
Drag your video from Project Assets to the opened Video Track 2.
The tracks come in an opened or closed configuration. To open a track, click on the tiny triangle to the far left of the track.
The opened track has the triangle pointing down.
When you have content on Video Track 2, you will only see Video Track 2 content, unless the Video Track 2 content has transparency in it. So, to see what is below on Video Track 1, you will need to scale down the Video Track 2 content (if wanted, reposition it).
Please review and consider, and let me know if I have targeted your question. If not, please give more details, and I will fine tune my reply accordingly.