I don't think that format is going to work in Premiere Elements.
I'd recommend you use a program like Quicktime Pro ($29 from Apple.com) to edit this video. If you're not happy with its limited editing functions, you can also use the program to output your video as more traditional 720x480 DV-AVI, the ideal format for editing in Premiere Elements.
Editing this video directly in Premiere Elements is likely to only produce compromised results.
Thanks Steve, I think I'd come to that realization but man have I learned a lot about video editing the last couple days!
Great forum...Thanks for the response.
One possibilities would be PrPro (obviously much more expensive that QT Pro, or even 5 copies of PrE), as it has one really neat feature - the Desktop Project Preset. Where this differs from all other Presets, is that most attributes can be customized to match the source footage. Maybe some day, PrE will inherit that Preset?
Personally (if I did not already have PrPro), I'd look into QT Pro, as Steve suggests, or maybe even Magix MovieEdit Pro, or CyberLink's PowerDirector. Though I have each (older versions), I do not know how much one can customize the Project's Preset to accommodate odd-sized source files, but they might do a fair job. You'd just need to research them carefully. Both are about the price of PrE, and I have them, as they can be useful "tools," with some odd footage. For instance, PowerDirector works fine with DivX material, and neither my PrE, nor my PrPro will. Rumor has it that PrE 9 now will edit DivX, but I have not tried it.
Good luck, and for some general info on Go-Pro (not your particular model though), this ARTICLE might have some useful tips.