It turns out that all I needed to do was download the latest version of the RAW update 6.6 for Photoshop 5.5 which includes the latest RAW formats for a number of newer released camera models from many camera companies. My camera model was listed in the Photoshop 6.3 RAW updates - Olympus Micro 4/3 P3 camera model. I downloaded and installed the latest digital camera RAW format update and installed it on my computer for Photoshop 5.5 and it worked perfectly allowing me to open the Olympus Micro 4/3 P3 camera model RAW format pictures, view and correct the photos in Photoshop.
I actually found the answer in Photoshop HELP, it just took me a while till I phrased my HELP Search properly for Photoshop.
Thanks for your prompt responses.
REVITMAN (Mel Persin, aia - BIM Consultant & Trainer}