Under the File menu in Premiere Elements you will find the Project Archiver.
This feature will copy your project file, as well as all associated media files, to wherever you'd like.
Once you've done that, you can remove all of these files from your active hard drive.
PrE provides a great utility, Project Archiver, just for that purpose. Just Open your Project, choose Archiver and direct it to your external HDD.
[Edit] That Steve is very fast this AM!
Message was edited by: Bill Hunt - Added [Edit]
Thank You Steve and Bill. Could not have done this without you guys and Muvipix.com is a great resource
We all try, Allan.
Once again, Bill, I've got the advantage of being on Central time!
Even "The Simpsons" comes on an hour earlier here.