Premiere Elements can not edit FLV files, Ted.
In fact, virtually no video editing program can. Sorry.
You might want to look into some of the products from Moyea. They have a lot of FLV tools.
PrPro, up to about CS 3 could use the Moyea FLV Importer plug-in (works great in PrPro) to Import most FLV's. As of CS 4, that plug-in would no longer work. With about PrPro CS 4.2.1, that program will now natively support most FLV's, but not those using the Sorensen Spark CODEC.
Moyea never developed a plug-in for PrE, though they were working on one. About the time that PrPro added FLV support, that project was dropped, last I heard.