Adobe supply a converter from most 'proprietary' RAW formats to something called DNG or 'Digital Negative' format, which you then import into Elements, Photoshop etc. See http://www.adobe.com/products/dng/
I just invested in Adobe Elements 4.0, and now have no issue with the previously not supported Nikon NEF raw format. You may also be lucky with Oly5060 RAW (which I'm not familiar with). Elements 4 really packs a lot of features into a 'basic' package - highly recommended.
Adobe's announcement at the end of last year stated:
"Adobe has today announced the latest version of the Adobe Camera Raw plug-in for Photoshop CS2 or Photoshop Elements 3.0 - 5.0. In addition they have also announced an update to their DNG Converter utility, designed to convert manufacturer specific Raw formats into the 'universal' DNG format. New cameras supported by Adobe Camera Raw 3.5 plug-in and DNG Converter include Nikon D2Xs, Kodak EasyShare P712, Panasonic DMC-FZ50 and DMC-L1, and Sony A100. The DNG Converter is now available as a Mac OS X Universal Binary which means it will run natively on Macintosh Intel-based computers."