This camera shoots video in a form of AVI known as the MJPEG-AVI, which generally is not compatible with Premiere Elements.
The FAQs to the right of this forum offer suggestions for converting this video to more editable DV-AVIs.
You don't say which operating system you're using or which version of the program you're editing on, so I can't give you specific advise. Windows MovieMaker is the best choice for converting the files. However, newer versions of MovieMaker Live won't do this conversion, in which case MPEG Streamclip is your best solution.
Welcome to the forum.
While MJPEG can work fine in PrE, that 10 FPS is going to be a big issue, as there are no Project Presets (what you choose at New Project). I would also fear that your camera does not shoot in a Frame Size that will work smoothly with PrE. At the very best, I would guess that you'll have to Scale up your footage, and it might not look good - along with that 10 FPS. In the end, it might be best to convert those MJPEG files to DV-AVI with a program, like Prism, and Import those. The conversion will have to work UP from the specs. in those files, so quality will likely suffer some, but just might be made to work with PrE.
Still, to see what happens, read this ARTICLE on the MJPEG CODEC.
Also, though Steve has sort of "peeked" into the AVI "wrapper," this ARTICLE will give you some background.