Welcome to the forum.
I do not think that PrPro can work with a PrE Album. Though I have PrE, I am not even sure what the file format for Album is.
I would anticipate that gathering up the desired media, and Copying it to an external HDD, for you to Import into a PrPro Project.
This is not possible for more info on compatibility with other versions of Adobe Premiere Elements and Adobe Premiere Pro CS5 check the link mentioned below-
http://kb2.adobe.com/cps/863/cpsid_86324.html#main_For both Windows and Mac OS:
Thanks! We ended up tagging them in Elements, then imported them using Bridge.
That is the workflow that I would have chosen too.
Good luck, and thanks for reporting your success.