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No, you can not open Elements projects with Pro and you can not open Pro projects with Elements. They are very different programs. Sorry.
With some limitations, I have been able to Open PE4 Projects in PP2, as a test. About 90% translates OK. It depends greatly on just what was done in the editing. A lot in PE does NOT translate to Pro. Even some of the Transitions do not cross-over. Be very careful, if you go this route, and study the resulting import well. You may, or may not, get what you have done to translate.
However, exactly as Steve says, when I tried the other direction, PE4 basically said, "This Project was created in Premiere Pro. Use that program to Open them... " Then it made some disparaging comment about my I.Q., or similar. [Grin]
If one had to do X-program editing, the best would be to Export as DV-AVI and Import those into the necessary programs. This would be the only way that I would mix up the two programs. If you do this, give very strong consideration as to what you might wish to do in the other program. As an example, if you added Transitions in PE, and would wish to edit those, you will no longer have the necessary Handles, if you cut out a Transition. You will ONLY be able to shorten the two Clips, to apply another Transition. Were it me, I'd assemble with Handles, in say PE, and then Export the DV-AVI for final cutting in Pro. It WILL mean that you'll be using the Razor a bunch, but you will still have your Handles. Maybe even add Black Video between each Clip (I always have a 02 sec. Black Video for similar in each Project's Project Panel). Still have to Razor, but at least you can find the places to "cut" more easily.
Personally, I'd just do the job in Pro, using PE only to Import files, that Pro will refuse to work with. PE is better at this, than its "big brother." When I use this workflow, it's Import into PE, Export as DV-AVI and Import that into Pro.