Copy the pictures (with Explorer) from the Memory Stick (MS) card to some temporary hard disk location. Now try the import to PhotoShop Elements (PSE).
In the future, DEFINE your abbreviations for faster replies. Not everyone will understand such. Even I may guess them incorrectly.
Bob
I have PSE 4 and haven't had this problem yet. When I try to import pictures from my MS pro card, PSE 4 shows all the pictures, then hangs after 15 to 20 saying that there is an error retrieving the rest, and then doesn't delete the ones that were imported. When I switched to Windows Camera and Scanner Wizard, it imported a different set of 15 to 20 pictures and said the same thing. I have used this card before with no problems. I have a new USB2 port and card reader, so I switched to the camera USB cable and still had the problem. I have a Dell 550L with 384 ram and a 80G HD. My cards are Lexar 512 Memory Stick Pro with MagicGate. My camera is a Sony CyberShot DSC 90 4.1 MP. I am new to this, so, I must be doing something wrong?

Chowhound
Comic Vine
GameFAQs
GameSpot
Giant Bomb
TechRepublic