Some additional info:
I'm using Premiere Elements 9.
Also, the mirrored image is not an EXACT reflection. The effect I'm going for has the reflection gradually fading to the back background the further it gets from the actual image (if that makes sense)
This is very difficult -- in fact, nearly impossible -- to pull off in Premiere Elements, studmuffin.
It's really more of an After Effects effect.
I'm trying to do the effect that I've seen in many magazine ads and television ads where there is a logo or some graphic
This sounds as though you are looking for a still image that you can place on the timeline. If this is so you might find this Adobe PSE9 lesson useful: Creating reflections with Guided Edit.
Insanity is hereditary, you get it from your children
Ok I figured it out guys. Just tweaked some stuff to get what I needed.
It was a video, not a still image, but all advice was helpful!
Click the link to see what I ended up with.http://www.youtube.com/watch?v=FWL-sTdfsEw