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The E-510 apparently is not yet supported, but probably within a couple of months.
(I had been reading about a magenta cast for near blown highlights for this camera at the DPReview Oly DSLR forum. I seem to remember some users checking these highlights with ACR, but I could be mistaken. Check it out.)
Unfortunately for you, it will only be supported by CS3's ACR version 4.x. You will need convert to DNG to be able to use ACR3.x with CS2. When the 510 is supported, you'll be able to download the DNG converter.
The E-510 is unofficially supported in ACR 4.1 and the 4.1 DNG Converter.
Use at your own risk!
I was able to bring in E-510 RAW images by using the Olympus Master 2 software that Olympus supplied with the camera. That software allowed me to convert the .ORFs to something called Tiff-EXIF. I haven't experimented with the thing enough to set up a workflow that will let me work with Bridge CS3.
Download the Adobe DGN Converter & 4.1 Camera RAW Update (for version CS3). You can then batch convert OFT RAW to DGN lossless. These can then be opened in CS2 Photoshop and exposure etc. modified as if it were a supported RAW file.
Having said that I await Adobes plugin to support the E-510 if they ever provide to CS2 users.
>as if it were a supported RAW file.
A DNG is a RAW file, and it is supported.
Therefore, it is a "supported RAW file." :)
>I await Adobes plugin to support the E-510 if they ever provide to CS2 users.
You wait in vain.
CS2 is not supported any longer and no new release of ACR will work with that version of Photoshop.