Totally! If you're not looking to design, PSElements is perfect! I started scrapping on PSE2, then upgraded to PSE5 a few years later, Elements is a lot easier to navigate and learn. Now, I have CS4 for designing, but I find myself going back to PSE to scrap with!
I'm not sure if you can get earlier versions of PS anymore, I know you can't get them through Adobe...
BUT! There is a Free program out there that is equal to Photoshop, called GIMP. You can even find tutorials and such on savethegreen.net