I do not know of an Effect in PrPro for this(but others might), but there are several 3rd party Effects that can add that.
Also, in AE, there are several Expressions and also The Wiggler, that can do this too.
PS - you can Keyframe the fixed Effect>Motion>Position to create similar, and that might be what you want, though a bit of "hand-work."
Just keyframe the postion properties...
One nice third-party effect is Twitch by Video Copilot: http://www.videocopilot.net/products/twitch/
I've tried it before in Premiere Pro CS4 and it worked well. It is also compatible with After Effects CS5, although it doesn't specifically mention Premiere Pro CS5, so it would be worth downloading the Twitch trial to make sure.
Thanks for that rec. I knew that there WERE 3rd party plug-ins, but just did not have a list handy and had zero experience with any.
Now, imagine using both Twitch and The Wiggler (in AE), and you could do a remake of Earthquake!