I was looking but no one ever seemed to have made lightsabers with Elements. I took the challenge and actually did it. I took a plastic, cheap sword and broke off the sword. I then pretty much animated a light saber over the sword handle the whole time.
I took a lightsaber image off google
Then I cut off the handle
I took the image and put it above (using the motion tool) the sword handle
Then on the motion tool, click the clock like thing and it opens key frames for motion
I added key frames (like 500) and made the sword move with my handle
When I had finished (after about 15 minutes) it looked very nice (for a 5 second video)
Then I added an alpha glow, to glow it. To do so, just search alpha, put it on the saber and then use the drop tool to get a good color and set the glow to about 8.
Now search in transitions Random Wipe. With this make it last 0.08 seconds and click on the bottom reverse. Then at the end, do the same but don't click reverse this time. This will make the lightsaber shoot up.
Then go to this site: theforce.net/fanfilms/postproduction/soundfx/saberfx_fergo.asp
to download Saber Sounds for FREE!
This should give you realistic sabers with Premiere Elements in about half an hour, if it's a 5 second clip.
Have Fun!
To get best results, set a brightness of around 27 and get a glow of about 22 with alpha glow and pick two green colors, the first light the second dark.
-Amster :D
REMEMBER: This is a virtual lightsaber not done with AE so results may not be exact, but as close as you can get for Elements without Rotoscoping.