The Text Tool in Elements is very easy to use, and Elements provides several built-in ready-to-go special effects.

Here is a quick tour of the Text Tool:

Open your image.

Click the Text Tool.  Note the tiny arrow in the lower corner of the tool.  That arrow indicates a "fly-out" sub-menu.  Select horizontal or vertical type. 

Choose font style and size

Choose font color

Click to place your cursor anywhere in your image, and simply start typing

To change color or font style after typing your text, simply drag the cursor over the text to select it then make the desired changes.

Experiment with Special Effects.  In the Artwork and Effects palette, click the "T" (for Text).  Drag your cursor over the text in the image to select it, click on an Effect in the palette, click Apply.

Experiment with Layer Styles.  In the Artwork and Effects palette, click the Effects tool, choose Layer Styles from the drop down menu.  Drag your cursor over the text in the image to select it, click on an Effect in the palette, click Apply.

As you experiment, remember that "Undo History" is your friend. <s>.  Click Window, click "Undo History" to open the history tool. 

Any time you need to back up, just select an action a few steps up in the history list.  The actions under that item will be "undone".  But can "re-done" just by clicking on them again.

Your text can also be repositioned in the image.  Select the text, click the move tool.  Click on the text and drag it to a new position.

Done: