Absolutely! The Premiere Elements timeline can include up to 99 tracks of added audio.
Yes, but consider...
What version of Premiere Elements, what computer operating system?
Is the soundtrack from iTunes? If so, it is highly likely that you will need to convert that to the WAV version in iTunes (Audacity is an alternative converter for this).
Of late, PCM audio, but not ADPCM, is supported for audio files in general. And, please determine that there are no protection issues associated with the soundtrack.
Have you tried to import your soundtrack in a Premiere Elements project (example - Premiere Elements 14 Expert workspace Add Media/Files and Folders/Project Assets and then to Soundtrack) and had problems? If so, please include that information in the details in your reply.
Any questions, please ask.