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No. That's a feature reserved for the pro (CS3) version of Premiere, gloftis.
These also work in Elements, maybe it wil work for you to.
Thanks for the info. I could download the Canon presets and place them within Elements, but Elements doesn't seem to recognize them.
Sounds like you didn't place the two files in the correct locations. Do you see the new presets when you start a new project??? If not check your locations of the files (Canon HDV goes into the ... /adobe premiere elements 7/settings/en_US/NTSC folder).