You can create a Track Matte that basically masks off the upper area of the screen with a soft edge and then add Track Matte Keying to your Title and link your Title to the Track Matte to apply.
There is a tutorial over on Muvipix on doing this, the "Star Wars" title... unfortunately it is not a complmentary one. However you may want to think of joining for all the free material and tutorials etc.
Alternatively export your clip from PE as a DV-AVi (File>Export>Movie) and import it into Windows Movie Maker... this has a Star Wars type title (Scroll, Perspective). Then export from MovieMaker as a DV-AVI for further editing in PE if required.
You might want to also see this ARTICLE on doing the same thing in PrPro. Unfortunately, it has the Linear Wipe and I could not find that in PE (maybe just did not look in the right spots?). Harm Millard mentions the Pixelan SpiceMaster, which is a great add-on for PrPro. I also think that it will install as a stand-alone, and may even work as a plug-in for PE, but I have not used it with that program. I also highly recommend SpiceMaster, though I have only used it with PrPro.
[Edit] Removed "Gradient" from the Linear Wipe - can't seem to get "Gradient" out of my mind these last two days.
Some free stuff that can get you going in the right direction:
This is what Carl Plumer and Paul Ekert came up with and has been put online by Peachpit complimentary.
This is a YouTube video tutorial for Premiere Pro which easily adapts to Premiere Elements 7
(this is my favorite)
This is a Grisetti/Engels book excerpt which gives you the general idea
http://books.google.com/books?id=1tuDtkXB8dQC&pg=RA1-PT186&lpg=RA1-PT186&dq=creating+star+ wars+title+in+Premiere+Elements&source=bl&ots=tJK-nvAXnS&sig=Edl3gumxcsOAsAg2kqYvjzcd6HQ&h l=en&ei=vLlPSs2pApfKtgfK75ioBA&sa=X&oi=book_result&ct=result&resnum=6
If you need any help adapting that YouTube video to Premiere Elements 7, please let me know. It is very quick and easy.
Last time I looked, reference to my post with those links for free tutorials had not been posted on the list showing all the posted topics. However, my post is there once you open the topic from the cover page.
So, this is just a reminder that there is a more recent response to this topic than what appears on the list.
Thanks to all. You guys do good work!