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You definitely can't do it in Premiere Elements, Loretta.
The Wax plugin from Debugmode has shapes that includes a sphere that you can wrap a picture around. But learning how to use that package takes some time. Wax is installed as a plugin in Premiere Elements and is listed under Video Effects as "Debugmode" which you expand to reveal the Wax effect. You drag and drop the Wax effect on the clip on the timeline. That starts the Wax interface.
In the Wax interface select the Plugin Presets tab, then select "VL Shapes" from the list on the left. There will a shape called "Shape Sphere" that you drag and drop on "Host Media1." You should see your picture wrapped around a sphere shape. If you want the sphere to rotate, you have to keyframe it within Wax. You expand HostMedia1 to reveal the properties that can be keyframmed. There are buttons on the right of each property value called "Keyframming Mode." Click on the button for Angle Y under the Transform 3D object, and select Linear. In order to keyframe this value so the sphere rotates, you need to understand how to keyframe in Premiere Elements, because it is very similar in Wax.
Click the red button at the top of the Wax interface to close the dialog. You will need to render a preview in Premiere Elements to see smooth playback. You should export that sequence to a DV-AVI file, and replace the clip on the timeline with that new file. Be prepared for Wax to crash on you as you learn how to use it. When it crashes, it takes Premiere Elements with it.