Here's the instructions from Adobe.
1. Exit Photoshop Elements
2. Open the download file and double-click CameraProfiles.exe and follow the on-screen instructions
3. Open My Computer
4. Double-click Local Disk (C
5. Navigate to: (Please read directory carefully)
C:\Program Files\Common Files\Adobe\Plug-Ins\Elements 8\File Formats\
6. Move the existing Camera Raw.8bi plug-in to another location (for example, a new folder on your desktop). Ensure you keep this version in case you need to revert back.
7. Copy the Camera Raw plug-in, Camera Raw.8bi, from the download into the same folder as Step 5.
8. Launch Photoshop Elements