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Take a look in the Video Effect presets... there are some presets to do this in there. When applied open the Properties for the clip and you will see how keyframes are added to the Motion and Scale properties for the clip to animate the effect. You can then customize the efect.
Check the free tutorials at http://muvipix.com
They are on the Products page on the lower left side under Complimentary.
Learn all you can about keyframing, that will help you modify and customize the pan and zoom effects. Steve has a nice tip article on basic keyframing here http://videoinasnap.chuckengels.com/source/steve/steve_tips_01-06.htm and at muvipix.com as well.
Start with the Presets like Paul suggests, then you can go into the clip properties and see how the keyframes are set. That will give you a head start on doing the effect yourself ;)
Thanks Paul and Chuck it's begining to click into place.
Check out for Keyframing feature in Premiere Elements.